{"id":543117,"date":"2022-01-10T13:44:09","date_gmt":"2022-01-10T13:44:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/10\/this-evening-inflation-rose-to-5-9-in-december-first-day-of-wyf-wraps-up\/"},"modified":"2022-01-10T13:44:09","modified_gmt":"2022-01-10T13:44:09","slug":"this-evening-inflation-rose-to-5-9-in-december-first-day-of-wyf-wraps-up","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/01\/10\/this-evening-inflation-rose-to-5-9-in-december-first-day-of-wyf-wraps-up\/","title":{"rendered":"THIS EVENING: Inflation rose to 5.9% in December + first day of WYF wraps up"},"content":{"rendered":"

Good afternoon, wonderful people.<\/strong> It\u2019s a relatively calm but not dull Monday afternoon as we get back in the swing of things after the holiday season.<\/p>\n

THE BIG STORY TODAY<\/strong><\/p>\n

<\/a> Annual urban inflation rose to 5.9% in December on the <\/strong>back of food<\/strong> and beverage costs rising y-o-y<\/strong>, according to official figures released by statistics agency CAPMAS (pdf)<\/a>. Last month\u2019s reading rose from 5.6% in November<\/a>, breaking a two-month downtrend. Despite the rise, the headline rate remained below analyst expectations and within the central bank\u2019s target range of 5-9% for 4Q2022. On a monthly basis, consumer prices eased 0.1%, the first time in 11 months they declined. Consumer prices had risen 0.1% in November.<\/p>\n

First interest rate day is next month: <\/strong>This comes as the Central Bank of Egypt (CBE)\u2019s monetary policy committee plans to hold its first policy meeting of 2022 on Thursday, 3 February.<\/p>\n

Meanwhile, the CBE issued <\/strong>rules (pdf)<\/a><\/strong> under which it could, in the future, provide emergency liquidity to banks <\/strong>if they cannot get it from the interbank market. Analysts and insiders speaking to state media outlets<\/a> and the foreign press<\/a> said the circular simply makes formal a standard preventative measure.<\/p>\n

^^ We\u2019ll have more<\/strong> on this story and more in tomorrow\u2019s EnterpriseAM<\/strong>.<\/p>\n

HAPPENING NOW-<\/strong><\/p>\n

<\/a> The first day of the <\/strong>World Youth Forum<\/a><\/strong> is wrapping up in Sharm El Sheikh<\/strong>, as the opening session on covid-19 is in its final minutes as we hit send on this afternoon\u2019s edition. The forum will run for four days, wrapping on Thursday, 13 January. You can check out the full agenda for the forum here (pdf)<\/a>.<\/p>\n

Attending the forum:<\/strong> Jordanian Crown Prince Hussein bin Abdullah II, Lebanese Prime<\/a>Minister Najib Mikati<\/a>, and Palestinian President Mahmoud Abbas<\/a>, all of whom President Abdel Fattah El Sisi met on arrival, according to a state information service statement<\/a>.<\/p>\n

Plastics exhibition <\/strong>Plastex<\/a><\/strong> is on its second day<\/strong>, with some 340 local and international plastics and petrochems industry players taking part. The exhibition runs until this Wednesday, 12 January.<\/p>\n

Authorities closed the Alexandria and Dekheila ports<\/strong> earlier this morning due to bad weather conditions, the Alexandria Port Authority said in a statement<\/a>, explaining that both ports will reopen after the weather improves.<\/p>\n

** CATCH UP QUICK<\/strong> on the top stories from today\u2019s EnterpriseAM<\/strong>:<\/p>\n