{"id":546301,"date":"2022-05-11T03:57:53","date_gmt":"2022-05-11T03:57:53","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral\/"},"modified":"2022-05-11T03:57:53","modified_gmt":"2022-05-11T03:57:53","slug":"urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/11\/urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral\/","title":{"rendered":"Urban inflation hits 13.1% in April amid global commodities spiral"},"content":{"rendered":"

Inflation rose to a near three-year high in April as rising food costs and the <\/strong>devaluation of the EGP in March caused consumer prices to grow at a faster pace.<\/strong> Annual urban inflation jumped to 13.1% last month from 10.5% in March<\/a>, according to figures (pdf)<\/a> released by statistics agency Capmas yesterday. This is the highest level since May 2019.<\/p>\n

Driving price hikes in April: food (again). <\/strong>Food prices \u2014 the biggest component of the basket used to measure inflation \u2014 rose 26% y-o-y from 19.8% in March as supply shortages, global market volatility and higher production costs drove significant increases in the cost of fruit and vegetables, seafood, and meat. On a monthly basis the cost of food jumped 7.6%, driving overall monthly inflation up to 3.3%, the highest since June 2018.<\/p>\n

The figure took most analysts by surprise:<\/strong> The headline rate was \u201cmuch higher than our estimate of 11.8%,\u201d Naeem brokerage\u2019s Allen Sandeep said. A Reuters<\/a> poll of 17 analysts had also put the median forecast at 11.8%. \u201cInflation came higher than expected due to a sharp rise in food prices in light of the devaluation and Ukraine war,\u201d the newswire quoted EFG Hermes\u2019 Mohamed Abu Basha as saying.<\/p>\n

April\u2019s figure is significantly above the central bank\u2019s target:<\/strong> The CBE is targeting an inflation rate of 7% (\u00b12%).<\/p>\n

This raises the likelihood of an interest rate hike next week <\/strong>when the CBE meets on Thursday to review rates, our poll of analysts (above) found.<\/p>\n

Annual core inflation rose to its highest <\/strong>in more than four years<\/strong>,<\/strong> recording 11.9% from 10.1% in March, according to central bank data (pdf)<\/a>. Core inflation strips out volatile items such as food and fuel.<\/p>\n

When will it peak?<\/strong> Inflation could climb as high as 17% this year, Farouk Soussa, Goldman Sachs\u2019 MENA economist, recently told Bloomberg TV<\/a>, before falling back into the CBE target range by the end of next year. \u201cThe current global stress is not expected to fade soon, causing a prolonged pressure on domestic price levels,\u201d Al Ahly Pharos economist Esraa Ahmed wrote in a note yesterday.<\/p>\n

Inflation is running hot across the world:<\/strong> Curbing price hikes has been the top priority for many economies since the surge in post-lockdown demand and supply chain disruptions kicked off last year. Since then, Russia\u2019s war in Ukraine has only poured fuel on the fire, causing energy and food prices to soar and inflation in advanced economies to hit multi-decade highs. This year the US joined many emerging markets<\/a> to embark on an aggressive tightening cycle to curb inflation, and the European Central Bank is expected to begin raising rates later this year.<\/p>\n

The story is getting attention from the international business press,<\/strong> including: Reuters<\/a> | Bloomberg<\/a> | Associated Press<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

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 Capmas yesterday. This is the […]<\/p>\n","protected":false},"author":1,"featured_media":546302,"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":[330,271,104,72,564,182],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-546301","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-capmas","tag-central-bank-of-egypt","tag-economy","tag-enterpriseam","tag-food","tag-inflation","wpautop","entry"],"acf":{"mongo_id":"90445785-790f-414d-9173-3ff001e16ed4","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/5\/136.jpg","photo_position":"above","related_issue":[546293],"teaser":"","voice_url":""},"yoast_head":"\nUrban inflation hits 13.1% in April amid global commodities spiral - 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\/05\/11\/urban-inflation-hits-13-1-in-april-amid-global-commodities-spiral\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Urban inflation hits 13.1% in April amid global commodities spiral\" \/>\n<meta property=\"og:description\" content=\"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. 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Headline urban inflation jumped to 6.6% last month, up from 5.7% in August. This is the highest annual inflation rate since\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\/10\/113.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":571399,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/05\/11\/egypts-inflation-rises-in-april-to-5-9-ahead-of-expectations\/","url_meta":{"origin":546301,"position":3},"title":"Egypt\u2019s inflation rises in April to 5.9%, ahead of expectations","author":"enterpriseam admin","date":"11 May 2020","format":false,"excerpt":"Annual urban inflation in April outpaced analyst expectations, rising to 5.9% from 5.1%in March, according to data out on Sunday from state statistics agency Capmas. Inflation came in at 1.6% on a monthly basis compared to 0.4% during the same month last year, and 0.6% in March. This uptick comes\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2020\/5\/100.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565871,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/05\/10\/inflation-slows-unexpectedly-in-april\/","url_meta":{"origin":546301,"position":4},"title":"Inflation slows unexpectedly in April","author":"enterpriseam admin","date":"10 May 2021","format":false,"excerpt":"Annual urban headline inflation slowed in April against expectations, shrugging off rising global commodity prices thanks to a favorable base effect that offset a rise in monthly prices. Figures released today by state statistics bureau Capmas showed urban inflation fell to 4.1% in April from 4.5% in March, while the\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\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":585117,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/04\/11\/inflation-nears-record-high-in-march-as-impact-of-devaluation-bites\/","url_meta":{"origin":546301,"position":5},"title":"Inflation nears record high in March as impact of devaluation bites","author":"enterpriseam admin","date":"11 April 2023","format":false,"excerpt":"Food prices hit fresh record high but core inflation slows","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\/4\/466.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\/546301","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=546301"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/546301\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/546293"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/546302"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=546301"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=546301"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=546301"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=546301"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=546301"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}