inflation
Egypt's inflation rate experienced a slowdown in October 2024. The consumer price index (CPI) reached 240 points, representing a 1.5% increase compared to September’s 2.3% rise
“The program is moving in the right direction and is gradually achieving its targets, both in terms of growth recovery and gradual decline in inflation, and a normal functioning of the foreign exchange market,” Azour said during a briefing in Dubai.
Annual core inflation also slowed to 24.4 percent in July, down from 26.6 percent in June, marking its lowest level since December 2022 and the fifth consecutive month of decline
The Consumer Price Index (CPI) for the total urban areas of Egypt stood at 226.7 points in July, indicating a 0.5 percent inflation compared to a higher 1.8 percent in June 2024.
Egypt's real GDP growth had slowed to 2.2 percent in Q1 2024, down from 2.3 percent in the previous quarter, according to the official release from the CBE
Citing data released by the national statistics agency, the CBE noted a similar decline in monthly core inflation, which stood at 1.3 percent last month, down from 1.7 percent a year earlier.
CAPMAS data revealed that May inflation was primarily fueled by a 28.90 percent year-on-year (YoY) increase in the food and beverage sector, driven by a 26.60 percent YoY uptick in meat and poultry prices
The Central Bank of Egypt’s (CBE) Monetary Policy Committee (MPC) decided to keep the CBE’s overnight deposit rate, overnight lending rate, and the rate of the main operation unchanged at 27.25 percent, 28.25 percent, and 27.75 percent, respectively
According to a research note seen by the Arab World News Agency (AWP), The revised forecast, up from its previous projection of 20 percent, was attributed to an unexpected rise in inflation in February
The general consumer price index reached 223.6 points in April 2024. On a monthly basis, food and beverage prices decreased by 0.9 percent, while on an annual basis, they increased by 37.6 percent
A decrease in annual food inflation, which settled at 45 percent in March, its lowest since December 2022, was noted as a driving factor
Egypt's annual inflation rate declined to 33.1 percent during the month of March, compared to 36 percent during the month of February, according to data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
The statements were made during the Mother’s Day ceremony attended by the president and First Lady Intissar al-Sisi.
That is in light of the recent inflow of funding and investments as well as the investment promotion programmes implemented last year.
“Ensuring a flexible exchange rate system is one of the IMF’s prerequisites for the loan, and this is what the Central Bank of Egypt is focusing on,” Economic Expert Karim Nassar stated in an interview with Egypt Today.
Previously, individuals who obtained credit cards issued on or after December 21, 2023, were required to wait a minimum of six months before engaging in foreign exchange (FX) transactions
He highlighted the detrimental effects of maintaining dual exchange rates, which lead to instability
The IMF loan has been augmented and increased to $8 billion instead of $3 billion "due to significant macroeconomic challenges that have become more complex to manage with the impact of the recent conflict in Gaza on tourism and Suez Canal receipts," according to the IMF statement
Additionally, the discount rate has been raised by 600 basis points to 27.75 percent
This initiative is a response to the government's directive to address the recent market price discrepancy and restore order.
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