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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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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
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Saudi PIF Invests $200 Million in ETF Bond Fund

The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)
The fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). (Asharq Al-Awsat)

State Street Global Advisors, a subsidiary of State Street Corporation, announced that Saudi Arabia’s Public Investment Fund (PIF) has invested SAR 750 million ($200 million) in the newly launched SPDR J.P. Morgan Saudi Aggregate Bond ETF.

According to a statement released by the company on Wednesday, this fund is the first of its kind in Saudi Arabia to focus on fixed-income exchange-traded funds (ETFs). It is listed in both the London Stock Exchange and Germany’s Xetra, offering investors the opportunity to track government and quasi-government bonds denominated in either the Saudi Riyal or the US Dollar, including sukuk (Islamic bonds).

This investment aligns with the objectives of Saudi Vision 2030, representing a significant step toward enhancing the international presence of Saudi Arabia’s financial markets and attracting foreign investments. The fund is available to investors across several European countries, including Austria, Denmark, France, Germany, and Italy.

Commenting on the investment, Yazid Al-Humaid, Deputy Governor and Head of MENA Investments at PIF, said: “The fund continues to create opportunities and enable access to diverse capital markets in the Kingdom. Investing in the first internationally listed Saudi fixed-income ETF underscores PIF’s commitment to deepening Saudi capital markets, attracting investors, and fostering partnerships across global financial centers.”

CEO of State Street Global Advisors Yi-Hsin Hung emphasized that the launch of the fund is a significant milestone in providing innovative opportunities for investors while contributing to Saudi Arabia’s economic growth.