Good afternoon, friends, and a happy Wednesday to you all.

THE BIG STORY TODAY

Inflation nudges higher in September: Annual headline urban inflation ticked up 0.2 percentage points from the month before to 26.4% in September, according to data from state statistics agency Capmas. The slight acceleration marks the second consecutive rise in a row, but still places the rate of inflation a whole 11.6 percentage points below the record 38.0% recorded in the same period last year.

Driving the uptick were energy costs, coming in at 4.4 percentage points higher than the month before on an annual basis. Behind the increase was a 50% rise in the cost of subsidized butane gas and electricity price hikes during the month, in addition to fuel price hikes of up to 15% that came into effect in late July.

THE BIG STORY ABROAD

It’s a pretty US-centric newsday in the international press, with coverage of Hurricane Milton approaching Florida temporarily pushing aside coverage of Israel’s war on Gaza and now also Lebanon as the day’s main story.

Category 5 Hurricane Milton is set to make landfall near Tampa Bay, Florida late Wednesday or Thursday morning, sending Floridians still reeling from the devastation of Hurricane Helene two weeks prior scrambling to move to higher ground or prepare their homes for the storm’s onslaught. The storm is expected to be one of the most destructive hurricanes to ever hit Florida’s Gulf Coast, with meteorologists projecting a storm surge of 3 m to much of the area.

** CATCH UP QUICK on the top stories from today’s EnterpriseAM:

  • Tax facilities, investment incentives announcement within hours: The Madbouly government will announce a fresh package of tax facilities and investment incentives later today.
  • The Smart Villages Development and Management Company is planning to list 30-35% of its shares on the EGX in an IPO earmarked for 1H 2025).
  • Adenia Partners sets up shop in Egypt: Mauritius-based private equity firm Adenia Partners has expanded into Egypt, setting up its first local office.

☀️ TOMORROW’S WEATHER- Temperatures are seeing a dip, with the mercury expected to reach a high of 33°C and a low of 22°C in the capital tomorrow, according to our favorite weather app.

Tags: