Egypt’s Headline Inflation Inches up to 26.5% in October

People walk past an exchange office in Cairo, Egypt, Tuesday, Nov. 5, 2024. (AP)
People walk past an exchange office in Cairo, Egypt, Tuesday, Nov. 5, 2024. (AP)
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Egypt’s Headline Inflation Inches up to 26.5% in October

People walk past an exchange office in Cairo, Egypt, Tuesday, Nov. 5, 2024. (AP)
People walk past an exchange office in Cairo, Egypt, Tuesday, Nov. 5, 2024. (AP)

Egypt's annual urban consumer price inflation edged up to 26.5% in October from 26.4% in September, slightly below expected, data from the country's statistics agency CAPMAS showed on Sunday.

On a monthly basis, headline inflation rose by 1.1% in October, unchanged from September.

The median forecast of 17 analysts was for annual inflation to increase to 27% last month. Still, annual inflation crept upwards for a third straight month.

Food prices also rose by 1.1% compared with 2.6% in September. October food prices were 27.3% higher than they were a year earlier.

Inflation has been fueled largely by an expansion of the money supply. Egypt's M2 money supply grew by 29.59% year-on-year in September, central bank data showed.



Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)
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Gold Steady as Focus Shifts to US Data for Economic Cues

Gold bullion displayed in a store in the German city of Pforzheim (dpa)
Gold bullion displayed in a store in the German city of Pforzheim (dpa)

Gold prices were little changed on Monday, while investors awaited a slew of US economic data including the December nonfarm payrolls report for further guidance on the Federal Reserve's stance on interest rates.
Spot gold held its ground at $2,635.39 per ounce by 0510 GMT. US gold futures dropped 0.2% to $2,646.80.
How the US jobs data fares this week could hold the key to whether gold breaks out of its recent range, said Tim Waterer, chief market analyst at KCM Trade.
"There is a plethora of US data due for release this week (including ISM Services PMI data), and any downside misses could hurt the USD and help gold."
The US jobs report, due on Friday, is expected to provide more clues to the Fed's rate outlook after the US central bank rattled markets last month by reducing its projected cuts for 2025.
Investors are also awaiting ADP hiring and job openings data, as well as minutes of the Fed's last policy meeting for further direction.
Gold flourishes in a low-interest-rate environment and serves as a hedge against geopolitical uncertainties and inflation.
US President-elect Donald Trump is set to return to office on Jan. 20 and his proposed tariffs and protectionist policies are expected to fuel inflation.
This could prompt the Fed to go slow on rate cuts, limiting gold's upside. After three rate cuts in 2024, the Fed has projected only two reductions for 2025 due to persistent inflation.
The US central bank's benchmark policy rate should stay restrictive until it is more certain that inflation is returning to its 2% target, Richmond Federal Reserve President Thomas Barkin said on Friday.
Spot silver was down 0.2% at $29.57 per ounce, platinum dipped 0.7% to $931.30 and palladium fell 0.4% to $918.22.