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GASTAT: Saudi Industrial Production Index Rose 1.6% in July

The General Authority for Statistics (GASTAT) data
The General Authority for Statistics (GASTAT) data
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GASTAT: Saudi Industrial Production Index Rose 1.6% in July

The General Authority for Statistics (GASTAT) data
The General Authority for Statistics (GASTAT) data

The General Authority for Statistics (GASTAT) in Saudi Arabia said on Tuesday that Industrial Production Index (IPI) rose by 1.6% in July this year compared to the same month in 2023.

The growth was attributed to heightened activity in the manufacturing industry, electricity, gas, steam, and air conditioning supply activities, as well as water supply, sewerage, waste management, and remediation activities, GASTAT said in a bulletin on the results of IPI for July 2024.

The report also highlighted a 4.6% increase in the sub-index for manufacturing activity compared to July 2023. Conversely, the sub-index for mining and quarrying activities decreased by 0.8% in July 2024.

The sub-index for electricity, gas, steam, and air conditioning supply activity showed a notable 8.2% increase, while the sub-index for water supply, sewerage, waste management, and remediation activities saw a growth of 1.1% over July 2023.

Data revealed a 1.1% decrease in the index for oil activities in July 2024, along with an 8.2% increase in non-oil activities, compared to the same period the previous year.
IPI is an economic indicator that tracks the development and relative changes in the volume of industrial production quantities. This data is derived from the Industrial Production Survey, conducted among a sample of industrial establishments involved in mining, manufacturing, electricity and gas supply, water supply, sanitation, waste management, and remediation activities.

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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)
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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.