{"id":545192,"date":"2022-03-10T13:54:08","date_gmt":"2022-03-10T13:54:08","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/"},"modified":"2022-03-10T13:54:08","modified_gmt":"2022-03-10T13:54:08","slug":"this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/","title":{"rendered":"THIS EVENING: Annual urban inflation rose to highest since mid-2019 + Trade Ministry bans exports of key food commodities + Hopes for Russia-Ukraine ceasefire dashed"},"content":{"rendered":"<p><strong>Happy Thursday, wonderful people.<\/strong> We hope the howling winds and thoroughly brown view from our windows aren\u2019t putting too much of a damper on this final day of the workweek.<\/p>\n<p><strong>THE BIG STORIES TODAY<\/strong><\/p>\n<p><a class=\"content-anchor\" id=\"tldr-story-01\"><\/a> <strong>Annual urban inflation rose in February to 8.8% <\/strong>\u2014 its highest since mid-2019 \u2014 from <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7914e5e9-10b5-4166-b35f-232741c164aa\">7.3% in January<\/a>, according to figures released today by statistics agency Capmas. The acceleration was driven primarily by surging food prices. On a monthly basis, inflation was up 1.6%. The inflation uptick came before the impact of the Russia-Ukraine war hit commodity prices.<\/p>\n<p><strong>As food inflation bites, the Trade Ministry is banning exports of key food<\/strong><strong> commodities:<\/strong> The Trade Ministry introduced a three-month export ban on six key commodities, according to a copy of the decision carried by <a href=\"https:\/\/gate.ahram.org.eg\/News\/3436685.aspx\">Ahram Gate<\/a>, as the ongoing war in Ukraine continues to roil global commodity markets. The ban, which comes into effect today, covers exports of wheat, lentils, flour, pasta, and whole and crushed fava beans.<\/p>\n<p><strong>We\u2019ll have more <\/strong>on these and other stories in Sunday\u2019s <strong>EnterpriseAM<\/strong>.<\/p>\n<p><strong>** CATCH UP QUICK<\/strong> on the top stories from today\u2019s <strong>EnterpriseAM<\/strong>:<\/p>\n<ul>\n<li><strong>The government will try to absorb the shock of spiraling commodity prices \u201cas much as possible,\u201d<\/strong> Prime Minister <a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/19cdf00e-f36b-465c-8115-096d9196dcfc\">Moustafa Madbouly said<\/a> yesterday.<\/li>\n<li><strong>Banks now <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d63d760d-474b-4d7b-afe2-3f0e66fcc7b2\">have until 14 September<\/a><\/strong><strong> to comply with the new capital requirements<\/strong> in the 2020 Banking Act after the central bank agreed to extend the deadline by a year.<\/li>\n<li><strong>EFG Hermes Corp-Solutions <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/08e58333-e8a9-436c-9b56-04b723b3f4c5\">has signed<\/a><\/strong><strong> a EGP 600 mn sale and leaseback agreement with real estate developer LMD<\/strong> to finance its multi-purpose 3\u2019Sixty project in New Cairo:<\/li>\n<\/ul>\n<hr class=\"grey-line\">\n<p><a class=\"content-anchor\" id=\"tldr-story-02\"><\/a> <strong>THE BIG STORY ABROAD-<\/strong><\/p>\n<p><strong>Remember those hopes everyone had this morning for an imminent Russia-Ukraine<\/strong><strong> ceasefire?<\/strong> They\u2019ve been all but dashed, after the two countries\u2019 foreign ministers failed to make any progress during talks today. Russian Foreign Minister Sergei Lavrov did not commit to setting up a humanitarian corridor for civilians to flee Ukraine\u2019s Mariupol, Ukrainian Foreign Minister Dmytro Kuleba said after the two officials met in Turkey, according to <a href=\"https:\/\/www.reuters.com\/world\/europe\/top-russian-ukrainian-diplomats-meet-first-time-since-invasion-2022-03-10\/\">Reuters<\/a>.<\/p>\n<p><strong>Lavrov rejected Ukraine\u2019s proposal of enshrining its neutrality in its constitution in<\/strong><strong> exchange for a ceasefire and to maintain its territory<\/strong>, the <a href=\"https:\/\/www.ft.com\/content\/6db772be-9d16-412f-9f69-86f02681b1b8\">Financial Times<\/a> reports.<\/p>\n<p><strong>What Russia might be willing to entertain:<\/strong> A direct sit-down between Russian President Vladimir Putin and Ukrainian President Volodymyr Zelensky, <a href=\"https:\/\/www.reuters.com\/world\/russias-lavrov-putin-would-not-refuse-meeting-with-zelenskiy-2022-03-10\/\">Lavrov told reporters<\/a> following his meeting with Kuleba.<\/p>\n<p><strong>Meanwhile, UK sanctions have finally hit Russian b\u2019naire and Chelsea FC owner Roman<\/strong><strong> Abramovich<\/strong>, after the UK government introduced asset freezes, travel bans, and transport sanctions on Abramovich and six other Russian oligarchs, according to <a href=\"https:\/\/www.gov.uk\/government\/news\/abramovich-and-deripaska-among-seven-oligarchs-targeted-in-estimated-15bn-sanction-hit\">a statement<\/a>.<\/p>\n<p><strong>ON THE HUMANITARIAN FRONT- The US is <\/strong><strong><a href=\"https:\/\/www.reuters.com\/world\/us\/us-congress-reaches-govt-spending-deal-including-136-bln-ukraine-2022-03-09\/\">fast-tracking the disbursal<\/a><\/strong><strong> of a USD 13.6 bn<\/strong><strong> aid package to Ukraine<\/strong>, with the House of Representatives signing off on the bill last night and shipping it off to the Senate for approval before midnight tomorrow.<\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>      <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p><strong>? CIRCLE YOUR CALENDAR-<\/strong><\/p>\n<p><strong>Contemporary art and culture center <\/strong><strong><a href=\"https:\/\/www.facebook.com\/3031ArtFest\/\">Darb1718<\/a><\/strong><strong> is hosting its <\/strong><strong><a href=\"https:\/\/collardtickets.com\/event\/3031-art-festival\/?s=1\">3031 Art Festival<\/a><\/strong> until this Saturday, 12 March on its premises in Fustat, Old Cairo.<\/p>\n<p><strong>Green energy forum: <\/strong>The German Arab Chamber of Industry and Commerce is hosting the Egyptian German Green Energy Forum on Tuesday, 22 March. Planning Minister Hala El Said, Vice Minister of Finance Ahmed Kouchouk and German Ambassador Frank Hartmann are among those slated to attend. The event runs 5:30-9pm CLT at the InterContinental Cairo Semiramis.<\/p>\n<p><strong>Interest rates: <\/strong>The Central Bank of Egypt will hold its <a href=\"https:\/\/www.cbe.org.eg\/en\/MonetaryPolicy\/Pages\/MPCMeetingSchedule.aspx\">next monetary policy meeting<\/a> on Thursday, 24 March.<\/p>\n<p><strong><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\">Check out our full calendar on the web<\/a><\/strong> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/p>\n<p>\u2600\ufe0f <strong>TOMORROW\u2019S WEATHER- You\u2019ll want to keep your <\/strong><strong>bataneya<\/strong><strong> close: <\/strong>Temperatures over the weekend will reach 18\u00b0C during the day before falling to 7-8\u00b0C at night, our favorite weather app tells us.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Happy Thursday, wonderful people. We hope the howling winds and thoroughly brown view from our windows aren\u2019t putting too much of a damper on this final day of the workweek. THE BIG STORIES TODAY Annual urban inflation rose in February to 8.8% \u2014 its highest since mid-2019 \u2014 from 7.3% in January, according to figures [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"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":[7213],"tags":[330,633,270,132,304,634,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-545192","post","type-post","status-publish","format-standard","hentry","category-what-were-tracking-tonight","tag-capmas","tag-enterprisepm","tag-russia","tag-trade","tag-ukraine","tag-what-were-tracking-tonight","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"2a86ffc9-f865-43da-ac7e-56ca34a039b1","order":"0","is_powered_by":true,"story_type":"4","photo_url":"","photo_position":"above","related_issue":[545190],"teaser":"","voice_url":""},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>THIS EVENING: Annual urban inflation rose to highest since mid-2019 + Trade Ministry bans exports of key food commodities + Hopes for Russia-Ukraine ceasefire dashed - 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\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"THIS EVENING: Annual urban inflation rose to highest since mid-2019 + Trade Ministry bans exports of key food commodities + Hopes for Russia-Ukraine ceasefire dashed\" \/>\n<meta property=\"og:description\" content=\"Happy Thursday, wonderful people. We hope the howling winds and thoroughly brown view from our windows aren\u2019t putting too much of a damper on this final day of the workweek. THE BIG STORIES TODAY Annual urban inflation rose in February to 8.8% \u2014 its highest since mid-2019 \u2014 from 7.3% in January, according to figures [&hellip;]\" \/>\n<meta property=\"og:url\" content=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/\" \/>\n<meta property=\"og:site_name\" content=\"EnterpriseAM Egypt\" \/>\n<meta property=\"article:published_time\" content=\"2022-03-10T13:54:08+00:00\" \/>\n<meta name=\"author\" content=\"enterpriseam admin\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"enterpriseam admin\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/\"},\"author\":{\"name\":\"enterpriseam admin\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#\/schema\/person\/ca597032db7e4db868359c123cec256d\"},\"headline\":\"THIS EVENING: Annual urban inflation rose to highest since mid-2019 + Trade Ministry bans exports of key food commodities + Hopes for Russia-Ukraine ceasefire dashed\",\"datePublished\":\"2022-03-10T13:54:08+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/\"},\"wordCount\":663,\"publisher\":{\"@id\":\"https:\/\/enterpriseam.com\/egypt\/#organization\"},\"keywords\":[\"CAPMAS\",\"EnterprisePM\",\"Russia\",\"trade\",\"Ukraine\",\"WHAT WE\u2019RE TRACKING TONIGHT\",\"wheat\"],\"articleSection\":[\"WHAT WE\u2019RE TRACKING TONIGHT\"],\"inLanguage\":\"en-US\"},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/\",\"url\":\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/this-evening-annual-urban-inflation-rose-to-highest-since-mid-2019-trade-ministry-bans-exports-of-key-food-commodities-hopes-for-russia-ukraine-ceasefire-dashed\/\",\"name\":\"THIS EVENING: Annual urban inflation rose to highest since mid-2019 + Trade Ministry bans exports of key food commodities + Hopes for Russia-Ukraine ceasefire dashed - 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It\u2019s a calm day on the news front, and at home, we\u2019re celebrating a cooling inflation rate. THE BIG STORY TODAY- Annual headline urban inflation cooled further for the second consecutive month to hit 13.9% in July, down from\u2026","rel":"","context":"In &quot;WHAT WE\u2019RE TRACKING TONIGHT&quot;","block_context":{"text":"WHAT WE\u2019RE TRACKING TONIGHT","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-tonight\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/9\/833.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546301,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral\/","url_meta":{"origin":545192,"position":1},"title":"Urban inflation hits 13.1% in April amid global commodities spiral","author":"enterpriseam admin","date":"11 May 2022","format":false,"excerpt":"Inflation rose to a near three-year high in April as rising food costs and the devaluation of the EGP in March caused consumer prices to grow at a faster pace. Annual urban inflation jumped to 13.1% last month from 10.5% in March, according to figures (pdf) released by statistics agency\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/5\/136.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545748,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/11\/inflation-rises-to-near-three-year-high-as-global-food-prices-spike\/","url_meta":{"origin":545192,"position":2},"title":"Inflation rises to near three-year high as global food prices spike","author":"enterpriseam admin","date":"11 April 2022","format":false,"excerpt":"Annual urban inflation rose to its highest level in almost three years in March as spillover effects from the conflict in Ukraine continued to hit the Egyptian economy. Figures (pdf) released by statistics agency Capmas yesterday showed that inflation accelerated to 10.5% last month from 8.8% in February, above the\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/194.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":545192,"position":3},"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 &quot;Economy&quot;","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":[]},{"id":544600,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/13\/rising-food-prices-push-egypt-inflation-rate-to-31-month-high-in-february\/","url_meta":{"origin":545192,"position":4},"title":"Rising food prices push Egypt inflation rate to 31-month high in February","author":"enterpriseam admin","date":"13 March 2022","format":false,"excerpt":"Headline inflation reached a 31-month high in February as rising global prices caused the cost of local food items to accelerate at a rate not seen since 2018, according to official data out Thursday. Figures released by statistics agency Capmas showed that annual urban inflation rose to 8.8% last month\u2026","rel":"","context":"In &quot;Economy&quot;","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/142.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550594,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/10\/this-evening-annual-urban-inflation-rises-in-march-more-fdi-afoot-as-vicat-wants-100-of-sinai-cement\/","url_meta":{"origin":545192,"position":5},"title":"THIS EVENING: Annual urban inflation rises in March + more FDI afoot as Vicat wants 100% of Sinai Cement","author":"enterpriseam admin","date":"10 April 2022","format":false,"excerpt":"Happy Sunday, ladies and gentlemen. As we expected this morning, the news slowdown exists only in our dreams now, as rising inflation on the back of soaring global commodity prices and fresh FDI set us up for a busy week ahead.SO, WHEN DO WE EAT? 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