Egypt Inflation Unexpectedly Quickens to 26.2% in August

An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)
An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)
TT

Egypt Inflation Unexpectedly Quickens to 26.2% in August

An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)
An aerial view shows a motorway in Egypt's capital Cairo on September 9, 2024. (Photo by AFP)

Egypt's annual urban consumer price inflation rate unexpectedly accelerated to 26.2% in August from 25.7% in July, data from statistics agency CAPMAS showed on Tuesday.
Month-on-month, prices jumped by 2.1%, speeding up from a 0.4% rise in July. Food prices climbed by 1.8% in August after having eased by 0.3% in July and were 29.0% higher than a year ago.
A poll of 19 analysts had expected August urban inflation to ease to a median of 25.1%.
Sara Saada of CI Capital was one of the few analysts who had predicted inflation would accelerate.
"We expected this, as the August reading reflects energy price hikes that were announced in the last week of July. This included diesel, that has a broad-based effect," she said, speaking to Reuters after the figure was announced.
Prices rose over the last month due to higher summer produce prices, fuel hikes of 10-15% near the end of July, a 25-33% jump in metro tickets at the beginning of August and a 21-31% increase in electricity tariffs, partly in August.
Inflation had been declining gradually from September's record high of 38.0%, turning the central bank's real overnight borrowing rate, at 27.25%, positive in July for the first time since January 2022.



Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning
TT

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning

Saudi Arabia, Oman Sign MoU on Cooperation in Economic Planning

The Saudi Ministry of Economy and Planning and Oman's Ministry of Economy signed on Thursday a memorandum of understanding (MoU) focusing on cooperation in medium- and long-term economic planning, economic studies and modeling, economic policies and plans, and green and circular economies.
The MoU aims to implement cooperation through the exchange of information, expertise, studies, and visits between experts and specialists, as well as the organization of conferences, seminars, and workshops. The agreement will remain in effect for five years.
Saudi Minister of Economy and Planning Faisal Alibrahim and Omani Minister of Economy Dr. Saeed bin Mohammed Al-Saqri signed the MoU, which stipulates enhancing cooperation in economy and planning based on mutual interests and in accordance with the regulations and laws in both countries.
Signing the MoU is part of efforts to enhance cooperation among Gulf Cooperation Council (GCC) countries and boost bilateral relations between Saudi Arabia and Oman.