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Egypt's Headline Inflation Inches Up in September

A woman shops at a supermarket in Cairo. Reuters
A woman shops at a supermarket in Cairo. Reuters
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Egypt's Headline Inflation Inches Up in September

A woman shops at a supermarket in Cairo. Reuters
A woman shops at a supermarket in Cairo. Reuters

Egypt's annual urban consumer price inflation climbed for a second month in September, rising to 26.4% from 26.2% in August, data from the country's statistics agency CAPMAS showed on Wednesday.

Month-on-month, prices rose by 2.1%, reversing a 0.4% decline in July. Food prices rose by 2.6% compared with 1.8% in August. September food prices were 27.7% higher than they were a year earlier, Reuters reported.

Recent inflation has been driven in part by fuel hikes of 10-15% near the end of July, a 25-33% jump in metro ticket prices at the beginning of August and a 21-31% increase in electricity tariffs in August and September.

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.

A poll of 19 analysts had forecast urban inflation would ease to 25.9% in September.

Egypt has tightened monetary policy under an $8 billion International Monetary Fund financial support package signed in March which also required it to increase many domestic prices and devalue its currency.

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Red Sea Authority Sets Goal to Attract 19 Million Tourists to Coast by 2030

SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA
SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA
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Red Sea Authority Sets Goal to Attract 19 Million Tourists to Coast by 2030

SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA
SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. - Photo by SPA

The Saudi Red Sea Authority (SRSA), in collaboration with the Ministry of Investment, released on Tuesday a report titled "Invest in Coastal Tourism," highlighting the crucial role of coastal tourism in driving the goals of Saudi Vision 2030 to attract 19 million tourists to the Red Sea coast.
The report outlines the sector’s contributions to diversifying the national economy, attracting investments, generating new income sources, and creating employment opportunities.

It further emphasizes the importance of protecting the marine environment to ensure its sustainability for future generations, SPA reported.
SRSA aims to develop a thriving coastal tourism sector in the Red Sea, contributing approximately SAR85 billion to the GDP by 2030. The goals include capturing 30 percent of the Kingdom’s leisure tourism and 40 percent of total entertainment spending, attracting 19 million tourists, and generating more than 210,000 jobs. This effort aligns with SRSA’s mandates, which include encouraging investment in navigational and marine tourism activities while offering administrative, technical, and advisory support to all investors, particularly small and medium enterprises. It aims to promote these activities to enhance the coastal tourism sector and position the Red Sea as a compelling global destination.
In line with its recent initiatives, SRSA is dedicated to providing a unique experience for tourists in the Red Sea, fostering an attractive investment environment, setting model infrastructure standards, and creating prestigious coastal tourism destinations. It aims to achieve sustainable tourism and effective governance within the coastal tourism system.