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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)
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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.

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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
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Oman LNG Delivers First Shipment to Shell

A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)
A glimpse of the first LNG shipment delivery to Shell at the industrial complex in Sur, Oman (Oman News Agency)

Oman LNG on Tuesday announced the successful loading of its first liquefied natural gas (LNG) cargo to Shell under its new long-term agreements, marking a significant milestone in the company’s strategy to expand its global market reach and reinforce Oman’s position as a leading LNG supplier.
According to Oman News Agency, the ceremonial event took place at Oman LNG’s state-of-the-art facility in Sur, under the auspices of Salim al Aufi, Minister of Energy and Minerals, alongside senior officials from Oman LNG and Shell.
Aufi, in his remarks, emphasized the importance of this milestone, saying, “Today’s shipment is not merely a delivery but a testament to Oman’s commitment to energy security, global collaboration, and sustainable economic growth. It also reflects the strong partnership between Oman LNG and Shell, built on mutual trust and a shared vision.”

Shell, as the largest offtaker under these new agreements, plays a pivotal role in Oman LNG’s strategic plans for sustained growth and market expansion.

Oman LNG’s CEO, Hamad al Naamany, highlighted the significance of this shipment, saying, “We are embarking on a 10-year concession extension with market leaders in LNG and energy. Our growth is aligned with Oman’s vision and adapted to the evolving global energy market demands. Our partnership with Shell continues to thrive, contributing to Oman’s economic diversification goals.”