I would check all the connectors first. Because the voltage is so low, even a slight bit of corrosion in a connector can affect the reading. Sometimes just unplugging and replugging the connectors can cure the problem.
You can determine whether it is the probe or the engine by switching the probe positions. If the high reading stays with the probe, the probe or wiring is bad. If the high reading reverses on the gauge, the engine is at fault.
If it is the engine, trash in the jets or float valve can cause the carb to run lean, raising the EGT.
Unless you've done some work on the carbs or fuel lines recently, my guess would be the probe or connectors.
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