Egypt's Inflation Slows in July

A man walks in front of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt August 6, 2024. REUTERS/Amr Abdallah Dalsh
A man walks in front of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt August 6, 2024. REUTERS/Amr Abdallah Dalsh
TT
20

Egypt's Inflation Slows in July

A man walks in front of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt August 6, 2024. REUTERS/Amr Abdallah Dalsh
A man walks in front of the new headquarters of Central Bank of Egypt, at the New Administrative Capital (NAC) east of Cairo, Egypt August 6, 2024. REUTERS/Amr Abdallah Dalsh

Egypt's annual urban consumer price inflation slid to 25.7% in July from 27.5% in June, a rate of decline faster than analysts had forecast, the country's statistics agency CAPMAS showed on Thursday.
Month-on-month, prices fell by 0.4% in July, down from 1.6% in June. Food prices declined by 0.3% in July, though they were still 28.5% higher than a year ago.
A poll of 18 analysts had expected inflation to have slowed to a median of 26.6% in July, extending a deceleration that began in September, when inflation reached a peak of 38.0%, Reuters reported.
Egypt has tightened its monetary policy under an $8 billion International Monetary Fund financial support package it signed in March, although that program has also required it to increase many domestic prices and let its currency plunge.
The central bank hiked interest rates by 600 basis points (bps) on March 6, bringing total increases in 2024 to 800 bps.
The government raised the price of some subsidized products to battle a budget deficit that hit 505 billion Egyptian pounds ($10.27 billion) in a 3.016 trillion pound budget in the year that ended on June 30.
On June 1, the government raised the price of subsidized bread by 300% and on July 25 the price of fuel by up to 15%.



Taiwan Holds First Tariff Talks with United States

A plane takes off above the skyline including Taipei 101 (C) in Taipei on April 11, 2025. (AFP)
A plane takes off above the skyline including Taipei 101 (C) in Taipei on April 11, 2025. (AFP)
TT
20

Taiwan Holds First Tariff Talks with United States

A plane takes off above the skyline including Taipei 101 (C) in Taipei on April 11, 2025. (AFP)
A plane takes off above the skyline including Taipei 101 (C) in Taipei on April 11, 2025. (AFP)

Taiwan officials held their first tariff talks with US officials on Friday, with both sides looking forward to further discussions soon, the island's government said on Saturday.

While Taiwan, a major semiconductor producer facing tariffs of 32%, complained they were unfair, it moved quickly to lay out proposals with the United States, offering a zero-tariff regime and greater purchases and investments in the country.

In a statement, Taiwan's Office of Trade Negotiations said its officials held a video conference with US officials whom it did not identify.

The talks focused on reciprocal tariffs between Taiwan and the United States, non-tariff barriers to trade, and a number of other economic and trade issues, including export controls, it added.

"Both sides look forward to conducting follow-up consultations ... in the near future and jointly building a strong and stable economic and trade relationship between Taiwan and the United States," it said.

The Office of the United States Trade Representative did not immediately respond to a request for comment sent outside of Washington work hours.

On Wednesday, US President Donald Trump said he would temporarily lower the hefty duties he had just imposed on dozens of countries, while further ramping up pressure on China.

Home to the world's largest contract chipmaker, TSMC, Taiwan has long sought a free trade deal with the United States, its most important international backer and arms supplier, even though the two have no formal diplomatic ties.

Taiwan faces increasing military and political pressure from its giant neighbor China, which views the democratically governed island as its own territory.

Taiwan's government rejects those claims, saying only the island's people can decide their future.