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Egypt Inflation Jumps to Five-year High in November

Two Egyptian women shopping in the streets of Cairo (EPA)
Two Egyptian women shopping in the streets of Cairo (EPA)
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Egypt Inflation Jumps to Five-year High in November

Two Egyptian women shopping in the streets of Cairo (EPA)
Two Egyptian women shopping in the streets of Cairo (EPA)

Egypt's annual urban consumer inflation rate rose from 16.2 percent in October to 18.7 percent in November, the country's Central Agency for Public Mobilization and Statistics (CAPMAS) said Thursday.

The inflation hike in November marks the highest increase since December 2017, when it reached 21.9 percent.

Egypt's annual headline inflation rate rose to 19.2 percent in November 2022, compared to 16.3 percent in the previous month.

On a monthly basis, the agency said that the general consumer price index for the total republic increased by 2.5 percent in November from October.

CAPMAS attributed the annual increase in the inflation rate for the entire republic to the increase in prices in sectors, foremost of which were: Food and beverages 30.9 percent, health care 12.4 percent, transport, and communications 16.6 percent, culture and entertainment sector 32.2 percent, and restaurants and hotels sector 30.1 percent.

In a press conference following the Cabinet's weekly meeting in the New Administrative Capital, Egyptian Prime Minister Mostafa Madbouly said that there is a plan to provide hard currency and it will run on the short term until 30 June 2023.

The premier did not give further details of the plan, saying that some of the state's steps must not be announced in advance.

He revealed that the government is aware that there is a rise in prices and it attempts to alleviate the burden placed on the shoulders of the citizens.

Madbouly confirmed that the cabinet has set a plan to deal with the increasing prices, highlighting that most of the news spreading on social media “seek to harm the Egyptian economy”.

Meanwhile, the premier said on Wednesday that Egypt attracted about $9 billion in direct investments last year - the highest in 15 years.

“The state ownership policy document was finally approved,” Madbouli announced, stating that the government will be committed to implementing the state ownership policy document over the next three or five years.

He added that the investor, who wishes to obtain the golden license, applies directly to the Cabinet to shorten the distance and procedures.

Madbouly further announced that a committee has been formed to tackle the investors’ difficulties, noting that several measures and reforms were made to enhance the investment climate.

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EU, US Reportedly Near Critical Minerals Deal to Combat Chinese Control

FILE PHOTO: A block with the symbol, atomic number and mass number of Dysprosium (Dy), a heavy rare earth, in this illustration taken January 21, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A block with the symbol, atomic number and mass number of Dysprosium (Dy), a heavy rare earth, in this illustration taken January 21, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
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EU, US Reportedly Near Critical Minerals Deal to Combat Chinese Control

FILE PHOTO: A block with the symbol, atomic number and mass number of Dysprosium (Dy), a heavy rare earth, in this illustration taken January 21, 2026. REUTERS/Dado Ruvic/Illustration/File Photo
FILE PHOTO: A block with the symbol, atomic number and mass number of Dysprosium (Dy), a heavy rare earth, in this illustration taken January 21, 2026. REUTERS/Dado Ruvic/Illustration/File Photo

The European Union and Washington are closing in on an agreement to coordinate on producing and securing critical minerals, Bloomberg News reported on Friday.

The potential deal would include incentives such as minimum price guarantees that could favor non-Chinese suppliers, the report said, citing an "action plan".

The EU and US would also ⁠cooperate on standards, investments ⁠and joint projects, along with increased coordination on any supply disruptions by countries like China, the report added.

The European Commission declined to comment on the report. The office of the ⁠US Trade Representative did not immediately respond to Reuters' requests for comment.

EU trade commissioner Maros Sefcovic said in March he had a "very positive" meeting with US Trade Representative Jamieson Greer on the sidelines of a World Trade Organization ministerial meeting in Cameroon, where the two sides agreed to further advance work on ⁠critical ⁠minerals and also discussed tariffs.

The EU-US deal would cover “critical minerals along the entire value chain and life-cycle management, including exploration, extraction, processing, refining, recycling and recovery,” Bloomberg reported, citing a non-binding memorandum of understanding.

The US has been scrambling to get access to critical mineral reserves, especially rare earth supply chains currently dominated by Chinese players.

Business

Gold Set for Third Weekly Gain as US Rate Outlook Offsets Dollar Strength

FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
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Gold Set for Third Weekly Gain as US Rate Outlook Offsets Dollar Strength

FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo
FILE PHOTO: Customers crowd around a jewelry showroom during Akshaya Tritiya, a major gold-buying festival, in Kochi, India April 28, 2017. REUTERS/Sivaram V/File Photo

Gold steadied on Friday as US-Iran ceasefire uncertainty lingered, but the metal stayed on course for a third consecutive weekly climb as investors priced in earlier and deeper US rate cuts, supporting non-yielding bullion.

Spot gold held its ground at $4,764.54 per ounce by 0532 GMT. The metal, however, has gained 1.8% so far this week.

US gold futures for June delivery fell 0.6% to $4,787.80.

The ‌dollar index strengthened, ‌making greenback-priced bullion more expensive for holders of other currencies, Reuters said.

"There's ‌a ⁠lack of clarity ⁠about the way that the ceasefire is evolving in the Middle East and what that means to energy markets... so we're in sort of a little bit of a holding pattern (with gold) going into the final session of the week," said Kyle Rodda, senior financial market analyst at Capital.com.

Spot gold has fallen about 10% since the US-Israel conflict with Iran ⁠erupted on February 28, with elevated energy prices sparking ‌inflation concerns and the prospect of ‌higher US interest rates.

The fragile two-week ceasefire between the US and Iran showed further ‌strain on Friday, as Washington accused Tehran of breaching promises on ‌the Strait of Hormuz.

Brent crude, however, has slid more than 11% this week on optimism that the ceasefire could reopen the Strait of Hormuz, through which about 20% of the world's oil and liquefied natural gas passes.

"If things break down, (gold) ‌could end up back in mid-$4,000's pretty quickly. But if the ceasefire holds and the peace deal starts ⁠to look more ⁠likely, then we could push through $5,000," Rodda added.

On the data front, the US Personal Consumption Expenditures index, the Federal Reserve's preferred inflation gauge, advanced 2.8% in the 12 months through February, in line with estimates, and likely rose further in March.

Investors are now looking out for March's US Consumer Price Index data, due later in the day, for further clues on Fed's monetary policy direction.

Markets are pricing in a 31% chance for a US rate cut of at least 25 basis points at the Fed's December meeting, according to CME's FedWatch Tool, up from 20% in the prior session.

Among other metals, spot silver rose 1.3% to $76.03 per ounce, platinum lost 2% to $2,061.10, and palladium fell 0.2% to $1,553.92.

Business

Saudi Business Confidence Index Remains Optimistic

A street in the Saudi capital, Riyadh (Reuters)
A street in the Saudi capital, Riyadh (Reuters)
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Saudi Business Confidence Index Remains Optimistic

A street in the Saudi capital, Riyadh (Reuters)
A street in the Saudi capital, Riyadh (Reuters)

Saudi Arabia’s Business Confidence Index remained in optimistic territory at 52.1 points in March, underscoring private sector resilience despite geopolitical challenges.

The index fell from 60.7 in February but stayed above the neutral 50 threshold, reflecting continued confidence in stable economic activity and sustained growth across key sectors, according to the General Authority for Statistics (GASTAT).

A statement released by GASTAT said that the BCI for the industrial sector recorded 50.8 points, maintaining an optimistic level despite a decline of 15.8 percent compared to February.

The BCI for the services sector recorded 52.0 points, maintaining an optimistic level despite a decline of 14.9 percent compared to February, it said.

Regarding the BCI in the construction sector, the data revealed that in March, it recorded an optimistic level at 53 points, confirming the continued positive confidence among establishments in the sector, the statement added.