Urban inflation eased to 27.5% in June

Good afternoon, folks. The long weekend is finally here. We hope you all have a restful, enjoyable break with family and friends.

THE BIG STORY TODAY

Annual inflation eased for the fourth month in a row in June: Annual urban inflation cooled to 27.5% in June, down from 28.1% in May. The drop came despite a slight increase of food inflation to 31.9% y-o-y in urban areas, according to figures from state statistics agency Capmas.

Monthly inflation rose again after a surprising decline in May: On a monthly basis, urban inflation recorded 1.6% m-o-m in June after it saw its biggest decline since June 2019 in May.

THE BIG STORY ABROAD

NATO leaders are expected to announce new aid for Ukraine ahead of the US elections. US President Joe Biden, whose fitness for office has been under scrutiny, is hosting the annual NATO summit in Washington today, and leading their agenda is the aid to Kiev. Ukraine President Volodymyr Zelenskiy has been urging Biden to take action ahead of elections, as opposing candidate Donald Trump has been vocally critical of the amount of aid being sent to the country, which could come into play following the US elections in November. As a safeguard, Zelenskiy will be meeting with US Republican House of Representatives Speaker Mike Johnson during the summit, of which Ukraine is a guest, to discuss security assurances. (Reuters | Bloomberg)

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☀️ TOMORROW’S WEATHER- We’re seeing a high of 40°C and a low of 28°C in Cairo, according to our favorite weather app. Alexandria and Sahel are a bit cooler with a high of 33°C and a low of 25°C at night.