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Saudi Economy Minister, UNDP Administrator Discuss Enhancing Partnership

The Saudi Minister of Economy and Planning has met with the United Nations Development Program (UNDP) Administrator in Hamburg. SPA
The Saudi Minister of Economy and Planning has met with the United Nations Development Program (UNDP) Administrator in Hamburg. SPA
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Saudi Economy Minister, UNDP Administrator Discuss Enhancing Partnership

The Saudi Minister of Economy and Planning has met with the United Nations Development Program (UNDP) Administrator in Hamburg. SPA
The Saudi Minister of Economy and Planning has met with the United Nations Development Program (UNDP) Administrator in Hamburg. SPA

Saudi Minister of Economy and Planning Faisal Alibrahim has met with United Nations Development Program (UNDP) Administrator Achim Steiner on the sidelines of the Hamburg Sustainability Conference 2024 in Germany.

During the meeting, the two sides discussed strengthening the partnership between the Kingdom and the UNDP. They also reviewed progress made toward achieving sustainability goals both in Saudi Arabia and globally.

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Egypt's Headline Inflation Inches Up in September

A woman shops at a supermarket in Cairo. Reuters
A woman shops at a supermarket in Cairo. Reuters
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Egypt's Headline Inflation Inches Up in September

A woman shops at a supermarket in Cairo. Reuters
A woman shops at a supermarket in Cairo. Reuters

Egypt's annual urban consumer price inflation climbed for a second month in September, rising to 26.4% from 26.2% in August, data from the country's statistics agency CAPMAS showed on Wednesday.

Month-on-month, prices rose by 2.1%, reversing a 0.4% decline in July. Food prices rose by 2.6% compared with 1.8% in August. September food prices were 27.7% higher than they were a year earlier, Reuters reported.

Recent inflation has been driven in part by fuel hikes of 10-15% near the end of July, a 25-33% jump in metro ticket prices at the beginning of August and a 21-31% increase in electricity tariffs in August and September.

Inflation had been declining gradually from September's record high of 38.0%, turning the central bank's real overnight borrowing rate, at 27.25%, positive in July for the first time since January 2022.

A poll of 19 analysts had forecast urban inflation would ease to 25.9% in September.

Egypt has tightened monetary policy under an $8 billion International Monetary Fund financial support package signed in March which also required it to increase many domestic prices and devalue its currency.