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Egypt's Annual Inflation Rate Drops to 29.8% in January

Capital Economics research institution said that inflation in January was lower than its expectations of 34% (Reuters)
Capital Economics research institution said that inflation in January was lower than its expectations of 34% (Reuters)
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Egypt's Annual Inflation Rate Drops to 29.8% in January

Capital Economics research institution said that inflation in January was lower than its expectations of 34% (Reuters)
Capital Economics research institution said that inflation in January was lower than its expectations of 34% (Reuters)

Egypt's annual urban consumer price inflation dropped to 29.8% in January from 33.7% in December, the state statistics agency said on Thursday.
According to data published by the Egyptian Central Agency for Public Mobilization and Statistics on its website, prices rose by 1.6% in January month-on-month, up from 1.4% in December.
Food prices climbed by 1.4%, down from 2.1% in December. In the year to January, food prices rose by 47.5%, down from 60.5% in the year to December.
Capital Economics said that inflation in January was below its expectations of 34% and the average market expectation of 32.9%.
The research firm indicated that inflation is expected to continue to slow this year but added that the significant, looming devaluation of the currency means that inflation will remain at a high level for a more extended period.
It also referred to the delay in import movement, likely to be exacerbated by the unrest in the Red Sea.
The inflation rate is projected to remain higher than the range the Central Bank targets until mid-2025.
The Central Bank is expected to raise interest rates again to rebuild its ability to combat inflation.
The London-based institution indicated that price pressures will remain relatively strong despite the slowdown in inflation for the fourth month in a row.
- Devaluation of the Egyptian pound
According to Capital Economics, the upcoming agreement between Egypt and the International Monetary Fund (IMF) will undoubtedly be accompanied by a significant devaluation of the currency, expecting a reduction in the exchange rate to 65 pounds to the dollar.
The institution expected further tightening of monetary policy and that the Central Bank would raise the interest rate by no less than 300 basis points, bringing the interest rate on overnight deposits to 24.25%.

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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
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Saudi's flynas Strikes Deal for Additional Airbus A320neos, 15 A330s

Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)
Saudi's flynas strikes deal for additional Airbus A320neos, 15 A330s (flynas)

flynas, Saudi Arabia’s leading low-cost carrier, has signed a Memorandum of Understanding (MoU) with Airbus for 75 A320neo family aircraft and 15 A330-900. This strategic agreement will expand the airline's capacity, range and enhance its overall fleet capabilities.
Signed during Farnborough International Airshow in the presence of President of the General Authority of Civil Aviation (GACA) of Saudi Arabia, Abdulaziz bin Abdullah Al-Duailej, Chairman of the Board of NAS Holding Ayed Al Jeaid, flynas Chief Executive Officer & Managing Director Bandar Almohanna, and Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer, Airbus said on its website.
The new aircraft will join the carrier’s all Airbus fleet serving international, domestic and regional routes. The new A330-900 aircraft will boast a two-class configuration, accommodating up to 400 passengers.
"We are excited to further strengthen our long-standing partnership with Airbus," said Bander Almohanna, CEO and Managing Director of flynas. "The A320neo Family provides exceptional operational performance and environmental benefits, allowing us to offer unique, low-cost travel experiences. Additionally, the A330neowill enhance our long-haul capabilities with its advanced technology and efficiency while supporting our growth plans and Saudi Arabia’s pilgrim program."
Airbus Chief Executive Officer, Commercial Aircraft, Christian Scherer said, "We are delighted to expand our partnership with flynas through this significant milestone for both A320neo and A330-900 aircraft. The A330neo will allow flynas to further grow into widebody markets by building on the A320, benefiting from Airbus’ unique commonality. Both aircraft types offer flynas the perfect versatility and economics to expand into new markets while offering their passengers the latest cabin experience and comfort. We look forward to continuing our successful collaboration with flynas as they embark on this exciting new chapter."
The addition of the A330-900 aircraft will support flynas' ambitious growth plans. The airline anticipates significant operational efficiency gains by combining the new widebody aircraft with its existing A320neo fleet. The A330-900 offers increased capacity and range at unrivaled seat costs, ensuring flynas can compete effectively in the growing regional market, a key focus area for the airline.
The A330neo delivers unbeatable operating economics, powered by the latest-generation Rolls-Royce Trent 7000 engines, featuring new wings and a range of aerodynamic innovations resulting in a 25 percent reduction in fuel consumption and CO₂ emissions compared to previous generation competitor aircraft. The A330neo is capable of flying 8,150 nm / 15,094 km non-stop, providing ultimate comfort with more passenger space, a new lighting system, latest in-flight entertainment systems and full connectivity throughout the cabin.
As with all Airbus aircraft, the A330 family is already able to operate with up to 50% Sustainable Aviation Fuel (SAF). The manufacturer is targeting to have its aircraft up to 100% SAF capable by 2030.