CAIRO, Dec. 10 (Xinhua) -- Egypt's inflation rate declined by 0.7 percent in November compared with October due to a 1.4-percent reduction in the prices of food and beverage, the country's official statistics agency said on Monday.
The Central Agency for Public Mobilization and Statistics (CAPMAS) pointed out that it was the second time that the inflation rate went down in 2018.
The CAPMAS statement said the annual inflation rate stood at 15.6 percent in November, which, according to experts, is within the central bank's targeted range of between 10 and 16 percent.
Inflation rates have been rising in Egypt after the country devaluated its local currency in November 2016 to deal with the shortage of U.S. dollars and started a strict three-year economic reform program based on austerity measures including fuel and energy subsidy cuts and tax hikes.
