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Egypt's annual inflation ratesÌý in October compared to the month before, according to official data, despite an ongoing economic crisisÌýin the country.

The annual headline urban consumer inflation rate fell in October to 35.8 percent, down from 38 percent the previous month,Ìýthe state-run Central Agency for Public Mobilisation and Statistics (CAPMAS) on Saturday.

The prices of essentials like grains, bread, fruit and vegetables had all fallen, while the prices of other goods remained stable, CAPMAS said.

Inflation had witnessed a steady surge over the previous months, reaching its fourth consecutive record high in September, according to a CAPMASÌý.

The core inflation rate also fell, from 39.7 percent in September toÌý38.1 percent in October, Egypt's Central Bank Sunday.

Despite the decline, inflation remains when high compared to the same month last year. Headline inflation stood at Ìýin October 2022.

Meanwhile, bankers and analysts have warned that Egypt's struggling economy faces new risks as Israel's war on Gaza threatens to disrupt tourism bookings and natural gas imports.

Egypt's government announced in October that it would Ìýon several goods for six months, ahead ofÌýpresidential elections slated for December.

The election result has been viewed by analysts as "a foregone conclusion" for incumbent President Abdel Fattah al-Sisi, who competes against three uninfluential candidates, is expected to win a sweeping victory.

Egypt is the world's largest importer of wheat, and itsÌýcurrent economic hardships have been blamed on external factors such asÌýthe Russian war on Ukraine and the Covid-19 pandemic, which severely impacted global supplies of the foodstuff and other essential commodities.

In October 2022, the Central Bank of EgyptÌýÌýexchange rate flexibility, allowing the value of the Egyptian pound to be regulated by market forces. The decision aimed to save Egypt's already ailing economy after securing a US$3 billion loan from the InternationalÌýMonetary Fund (IMF).