Despite this decline, inflation in October 2023 remains considerably higher compared to the same month of 2022, when it stood at 16.2 percent, as indicated by CAPMAS historical data.

CAPMAS identified several key factors that contributed to this positive trend. Notably, there was a slight decrease in the prices of essential goods, including grains and bread, which experienced a 0.6 percent decline in October.

Additionally, the prices of fruits exhibited a noteworthy decrease of 2.9 percent during the same period.

Moreover, the prices of vegetables experienced a decline of 2.5 percent, while alcoholic beverages and medical products saw marginal decreases of 0.1 percent each.

The agency emphasized that among the drivers behind the decrease in October's inflation was the stability observed in the prices of other goods.

Furthermore, the monthly inflation rate also declined, dropping by 1.2 percent in October compared to the 2 percent recorded in September.

In a bid to contain the soaring inflation, Prime Minister Mostafa Madbouly announced in earlier October that the government would suspend duties and customs on several goods for six months.

Modbouly stressed that the initiative is part of the government's efforts to curb inflation, especially food prices.