Egypt Inflation Climbs to 7.3% in Jan from 5.9% in Dec

Egypt's annual urban consumer price inflation quickened to 7.3% year-on-year in January - Reuters
Egypt's annual urban consumer price inflation quickened to 7.3% year-on-year in January - Reuters
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Egypt Inflation Climbs to 7.3% in Jan from 5.9% in Dec

Egypt's annual urban consumer price inflation quickened to 7.3% year-on-year in January - Reuters
Egypt's annual urban consumer price inflation quickened to 7.3% year-on-year in January - Reuters

Egypt's annual urban consumer price inflation quickened to 7.3% year-on-year in January, its highest since August 2019, from 5.9% in December, data from the country's statistics agency CAPMAS showed on Thursday.

Prices climbed 0.9% month-on-month compared to a 0.08% drop in December, the agency said.

The annual rate puts inflation near the higher end of the 5-9% target range set by the central bank, which kept its key interest rates unchanged during a regular monetary policy committee meeting on Feb. 3, according to Reuters.

The headline inflation number reflected "unfavorable base effects and rising food prices," EFG Hermes's Mohamed Abu Basha said in a note.

"Monthly inflation trends showed food inflation jumped 2.1%, reflecting a broad increase in most food items."

Inflation dynamics nonetheless remain weak in the absence of demand pressures, he wrote.

"We therefore expect the acceleration in the headline number not to push the Central Bank of Egypt (CBE) to hike rates in the near term, though we are clearly seeing rising risks," Abu Basha said. Egypt's economy has bounced back since the worst of the coronavirus pandemic. Gross domestic product shot up by 9.8% year-on-year in the July-September quarter, up from 0.7% a year earlier, planning ministry data showed.



Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
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Turkish Manufacturing Sector Contracts Further in March, PMI Shows

Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)
Shoppers walk through the spice bazaar in the Eminonu district of Istanbul on April 1, 2025. (Photo by Ed JONES / AFP)

Türkiye's manufacturing sector contracted further in March, with output and new orders continuing to ease amid difficult market conditions both domestically and internationally, a survey showed on Wednesday.
The Purchasing Managers' Index (PMI) slipped to 47.3 from 48.3 in February, marking the lowest reading since October last year, survey compilers S&P Global reported. A PMI reading below 50 indicates a contraction in activity, Reuters reported.
March marked the 21st consecutive month of declining new orders, with the slowdown being the most pronounced since last October. New export orders fell at the fastest pace since November 2022.
"Challenging market conditions both at home and abroad meant for further moderations in output and new orders in March as Turkish firms struggled to secure business," said Andrew Harker, Economics Director at S&P Global Market Intelligence.
Despite the downturn, there were signs of stabilization in some areas. Inventory levels held steady after 10 months of depletion, and suppliers' delivery times improved for the first time in six months, reflecting reduced demand for inputs.
Inflationary pressures eased slightly although currency weakness continued to drive up costs. Employment in the sector also saw a slight reduction for the fourth consecutive month, though the decrease was the smallest so far this year.
Manufacturers remain cautiously optimistic about future output, hoping for improvements in new orders and demand from the construction sector over the coming year.