Products are displayed at a vegetable market in Cairo, Egypt, October 11, 2017. REUTERS/Mohamed Abd El Ghany
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Consumer prices in Egypt fell for the second month in January, boosting the prospects of an interest-rate reduction even as the government pushes ahead with reforms expected to include more subsidy cuts.The annual inflation rate in January in urban parts of Egypt eased to 17.1 percent from 21.9 percent, its lowest level since October 2016, according to data posted by the state-run statistics agency. Consumer prices on a month-on-month basis fell by 0.1 percent after having dropped 0.2 percent in December. Curbing soaring prices has been a major challenge for the government since its November 2016 decision to float the currency and raise fuel prices sent the urban inflation rate surging past 33 percent.
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