Egypt’s inflation eased to 25.5% YoY in November, down from 26.5% the previous month, marking its lowest level in nearly two years. Core inflation fell to 23.7%. While inflationary pressures from fuel and cigarette price hikes persisted, these were partly offset by a 1.9% month-on-month decline in food costs and a favorable base effect. The easing comes despite recent fuel subsidy cuts, part of an IMF-backed program.