{"id":543657,"date":"2022-02-13T04:04:51","date_gmt":"2022-02-13T04:04:51","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/annual-urban-inflation-highest-in-almost-2-5-years-in-january\/"},"modified":"2022-02-13T04:04:51","modified_gmt":"2022-02-13T04:04:51","slug":"annual-urban-inflation-highest-in-almost-2-5-years-in-january","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/annual-urban-inflation-highest-in-almost-2-5-years-in-january\/","title":{"rendered":"Annual urban inflation highest in almost 2.5 years in January"},"content":{"rendered":"

<\/a> Annual urban inflation hit its highest level in almost two and a half years in <\/strong>January<\/strong> due to rising food prices and an unfavorable base effect, according to figures released<\/a> Thursday by statistics agency Capmas. Urban inflation rose to 7.3% last month from 5.9%<\/a>in December<\/a>, recording its highest rate since August 2019. On a monthly basis, consumer prices went up by 0.9%.<\/p>\n

Food prices were the main drivers: <\/strong>Food and beverage costs (which make up the largest component of the basket of goods used to measure prices) rose at their quickest pace in 32 months, fueling the increase in the headline rate. Prices were up 12.4% y-o-y, up from 8.4% in December, mainly due to rising oil, vegetable and meat prices.<\/p>\n

Annual core inflation continued to accelerate<\/strong>, hitting 6.3% from 6% in December, according to the CBE (pdf)<\/a> \u2014 its fastest expansion since June 2019. Core inflation removes volatile items such as food and fuel.<\/p>\n

The rising figure came in line with most analysts\u2019 expectations<\/strong>:<\/em> <\/em>January\u2019s reading came in line with EFG Hermes\u2019 prediction of 7.2%, according to a note to clients by chief economist Mohamed Abu Basha. CI Capital\u2019s had penciled in 7.34% y-o-y, according to an emailed note. Al Ahly Pharos\u2019 Israa Ahmed said in a note the surge in inflation was expected due to \u201cseasonal factors.\u201d Beltone Financial, however, had penciled in lower inflation of 6.4% in January, according to an emailed note.<\/p>\n

Inflation remains within the central bank\u2019s target range:<\/strong> Despite reaching its highest level in two and a half years, the annual rate remains within the Central Bank of Egypt (CBE)\u2019s target range of 7% (\u00b12%) by 4Q2022.<\/p>\n

Also notable: <\/strong>Housing and utility prices rose by 4.7% y-o-y, driven by higher energy costs, while transport costs rose 4.9%. Clothing and footwear prices rose 3.4% y-o-y.<\/p>\n

Higher inflation is coming, say the experts: <\/strong>\u201cWe expect the annual inflation to slightly increase to around mid-7%, and the whole quarter to record pretty much the same level, unless there are any positive surprises for vegetables or meat prices,\u201d Ahmed said. CI Capital, meanwhile, sees 1Q2022 inflation rates averaging 7.7%, while Beltone Financial expects headline inflation to \u201ccontinue gaining momentum\u201d due to the base effect and rising commodity prices.<\/p>\n

There\u2019s no consensus on what this means for interest rates:<\/strong> HC Securities is penciling in 100-150 bps of rate hikes this year and CI Capital is projecting stable rates \u201cin the short-term,\u201d but Al Ahly Pharos doesn\u2019t see any changes on the horizon, predicting the central bank will leave rates unchanged for \u201cas long as possible.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

Annual urban inflation hit its highest level in almost two and a half years in January due to rising food prices and an unfavorable base effect, according to figures released Thursday by statistics agency Capmas. Urban inflation rose to 7.3% last month from 5.9%in December, recording its highest rate since August 2019. On a monthly […]<\/p>\n","protected":false},"author":1,"featured_media":543658,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7206],"tags":[271,104,72,182,349],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-543657","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-inflation","tag-interest-rates","wpautop","entry"],"acf":{"mongo_id":"7914e5e9-10b5-4166-b35f-232741c164aa","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/156.jpg","photo_position":"above","related_issue":[543653],"teaser":"","voice_url":""},"yoast_head":"\nAnnual urban inflation highest in almost 2.5 years in January - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/13\/annual-urban-inflation-highest-in-almost-2-5-years-in-january\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Annual urban inflation highest in almost 2.5 years in January\" \/>\n<meta property=\"og:description\" content=\"Annual urban inflation hit its highest level in almost two and a half years in January due to rising food prices and an unfavorable base effect, according to figures released Thursday by statistics agency Capmas. 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On a monthly basis, consumer prices fell for the first time in 11 months, dipping 0.1% due\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/1\/118.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566303,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/06\/10\/annual-headline-inflation-rises-to-4-8-but-slowed-m-o-m-in-may\/","url_meta":{"origin":543657,"position":1},"title":"Annual headline inflation rises to 4.8%, but slowed m-o-m in May","author":"enterpriseam admin","date":"10 June 2021","format":false,"excerpt":"Inflation inched up in May, thanks to a spike in food prices, an unfavorable base effect, and skyrocketing global commodities. Annual headline rate accelerated to 4.8% in May from 4.1% in April, while the overall rate in urban and rural areas (pdf) rose to 4.9% last month from 4.4% a\u2026","rel":"","context":"In "SPEED ROUND: ECONOMY"","block_context":{"text":"SPEED ROUND: ECONOMY","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round-economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/6\/459.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":555373,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/11\/11\/annual-inflation-cools-from-20-month-high\/","url_meta":{"origin":543657,"position":2},"title":"Annual inflation cools from 20-month high","author":"enterpriseam admin","date":"11 November 2021","format":false,"excerpt":"Annual urban inflation fell back from its 20-month high in October as the rate of increase in food prices dipped from the month prior, according to official figures (pdf) released yesterday by state statistics agency Capmas. Urban inflation slipped to 6.3%, down from 6.6% in September, which was the highest\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/11\/414.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":581490,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/02\/12\/food-prices-hit-record-high-on-january-devaluation\/","url_meta":{"origin":543657,"position":3},"title":"Food prices hit record high on January devaluation","author":"enterpriseam admin","date":"12 February 2023","format":false,"excerpt":"Inflation hit a fresh five-year high in January on the back of a record increase in food prices due to the devaluation of the EGP. Figures released on Thursday by state statistics agency Capmas showed that annual urban inflation jumped to 25.8% y-o-y in January, up from 21.3% the month\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/Market-1600.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578706,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/01\/11\/inflation-hits-new-high-on-weaker-egp\/","url_meta":{"origin":543657,"position":4},"title":"Inflation hits new high on weaker EGP","author":"enterpriseam admin","date":"11 January 2023","format":false,"excerpt":"Inflation rose to a fresh five-year high in December as the impact of successive currency devaluations continued to feed through to the economy. Figures released yesterday by state statistics agency Capmas showed annual urban inflation jumped to 21.3% in December, up from 18.7% the month before, driven by surging food\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/1\/164.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557230,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/","url_meta":{"origin":543657,"position":5},"title":"Inflation continues upwards trend in August, hitting 5.7%","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Annual urban inflation hit its highest level in nine months in August on the back of rising food, fuel and transportation costs, according to figures released on Thursday. Headline urban inflation rose slightly to 5.7% in August, up from 5.4% in July, according to state statistics agency Capmas. That\u2019s the\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/9\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543657","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=543657"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/543657\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/543653"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/543658"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=543657"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=543657"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=543657"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=543657"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=543657"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}