Egypt inflation jumps to five-year high of 18.7 pct in November: Latest data
Egypt’s annual urban consumer inflation rate surged to a five-year high of 18.7 percent in November, closely matching analyst expectations, data from the statistics agency CAPMAS showed on Thursday.
The inflation figure, up from 16.2 percent in October, was the highest since December 2017, when it hit 21.9 percent. The price rises followed a currency devaluation in October and continued restrictions on imports.
For the latest headlines, follow our Google News channel online or via the app.
The median forecast in a Reuters poll of 14 economists had expected inflation of 18.75 percent. Six economists also forecast that core inflation, due out later on Thursday, would come in at a median 21.6 percent.
The increase reflected a continued jump in month-on-month inflation, with prices rising 2.3 percent compared to 2.6 percent in October, Naeem Brokerage said in a note.
The monthly increase was “as driven by higher production costs, amid a weakening Egyptian Pound, in addition to supply
shortages,” Naeem wrote.
Read more: Saudi Arabia extends term for deposit to Egypt’s central bank
Also Read
-
Egypt’s currency flexibility still in doubt after huge selloff
Egypt’s newly flexible currency is still too tame for a market that’s bracing for more disruption ahead.Although Egypt has allowed the pound to slide ... Banking & Finance -
Saudi Arabia extends term for deposit to Egypt’s central bank
Saudi Arabia has extended the term for a $5 billion deposit it had made to Egypt’s central bank, the Saudi Press Agency said on Tuesday.Saudi Arabia ... Saudi Arabia -
Egypt close to deals on 1GW of solar and wind projects
COP27 host Egypt is close to signing final agreements to build two wind and solar projects with combined capacity of a gigawatt (GW) to boost the ... Energy -
Egypt signs eight framework agreements for hydrogen projects: Report
Egypt has signed eight framework agreements for the development of low carbon hydrogen projects, Electricity Minister Mohamed Shaker said on ... Middle East -
Egypt’s urban inflation accelerates on surging food prices
Inflation in urban parts of Egypt accelerated in October to a four year high, pulled ahead by a rise in food prices and reflecting continued pressure ... Economy -
Egypt reveals $16 billion funding gap that IMF deal can help fix
Egypt has an external funding gap of $16 billion over roughly four years and believes it will secure enough money to cover its needs in full because a ... Economy
