{"id":547812,"date":"2022-07-07T03:57:09","date_gmt":"2022-07-07T03:57:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/"},"modified":"2022-07-07T03:57:09","modified_gmt":"2022-07-07T03:57:09","slug":"inflation-is-hurting-the-private-sector","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/07\/07\/inflation-is-hurting-the-private-sector\/","title":{"rendered":"Inflation is hurting the private sector"},"content":{"rendered":"

<\/a> Activity in Egypt\u2019s non-oil private sector recorded its worst performance in <\/strong>two <\/strong>years in June<\/strong>, contracting at a faster pace as client demand dropped on supply-side pressures, rising inflation and the devaluation of the EGP. The S&P Global purchasing managers\u2019 index (pdf)<\/a> fell to 45.2 from 47.0 in May<\/a>, the lowest reading since June 2020 and marking the 19th consecutive month of contraction.<\/p>\n

\u201cEgyptian companies suffered from a sharp downturn in new business in June<\/strong>,\u201d said S&P Global economist David Owen. \u201cThe sharp drop-off in demand came from rising inflation and tightening monetary policy.\u201d<\/p>\n

Costs rose at their fastest pace in years:<\/strong> The rate of input cost inflation hit its highest level in almost four years high, leading almost half of surveyed companies to report a rise in expenses. Wages are also exerting pressure, with increases hitting an eight-month high.<\/p>\n

Businesses are done absorbing cost increases: <\/strong>Companies raised prices at the fastest rate since February 2017, with the month-on-month uptick in inflation \u201cthe largest seen\u201d since the survey began in April 2011. \u201cThe sharp uptick [in output charges] suggested that firms were ready to pass on a greater bulk of their costs to customers amid sinking hopes that discounts would help spur a demand recovery,\u201d S&P Global wrote.<\/p>\n

Output + demand suffered as a result: <\/strong>Both output and new orders saw \u201cmarked contractions,\u201d falling to their lowest levels since 2Q2020.<\/p>\n

Inflation hit a three-year high in May: <\/strong>Annual urban inflation hit 13.5% in May<\/a>, its highest level since May 2019, on the back of surging commodity prices and the falling EGP.<\/p>\n

The tighter global environment is tough on us:<\/strong> \u201cThe Fed's latest rate rise<\/a> of 75 basis points adds to these concerns,\u201d Owen said.<\/p>\n

Not all sectors had it bad: <\/strong>Business conditions in the construction sector stabilized during the month, with output and new orders even growing slightly. On the other hand, retailers, wholesale and manufacturers reported weaker sales.<\/p>\n

The rate of job cuts slowed:<\/strong> Firms continued to cut staff, but at the slowest pace since March, the survey said.<\/p>\n

Confidence rebounded after <\/strong>hitting record lows earlier this year<\/a><\/strong>, reaching a five-month high amid hopes that activity could begin to recover from its current slump. That could have something to do with the fact that inflation slowed on a monthly basis last month, leading some analysts to predict peak price hikes by July or August.<\/p>\n

But heightened inflation looks like it\u2019s here to stay:<\/strong> \u201cThe June PMI data shows that hawkish monetary policy in the US and a rising USD value is likely to keep supply-side inflation running high,\u201d said Owen.<\/p>\n

The story got ink in the foreign press:<\/strong> Bloomberg<\/a> | Reuters<\/a>.<\/p>\n

ELSEWHERE- <\/strong><\/p>\n

Things went smoother for the GCC\u2019s private sector:<\/strong> Private sector activity in KSA and the UAE continued to grow in June despite rising inflationary pressures. Higher prices failed to dent demand in Saudi, which saw its private sector grow at its fastest pace since September, while the UAE continued to see solid growth even as prices rose at their quickest rate in 11 years. Check out the releases here:Saudi Arabia (pdf)<\/a> | UAE (pdf)<\/a>.<\/p>\n","protected":false},"excerpt":{"rendered":"

Activity in Egypt\u2019s non-oil private sector recorded its worst performance in two years in June, contracting at a faster pace as client demand dropped on supply-side pressures, rising inflation and the devaluation of the EGP. The S&P Global purchasing managers\u2019 index (pdf) fell to 45.2 from 47.0 in May, the lowest reading since June 2020 […]<\/p>\n","protected":false},"author":1,"featured_media":547813,"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":[838,104,1419,72,182,185],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-547812","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-devaluation","tag-economy","tag-egp","tag-enterpriseam","tag-inflation","tag-pmi","wpautop","entry"],"acf":{"mongo_id":"45596e8c-f127-4f62-b1cb-402f45ae4a0b","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/7\/154.png","photo_position":"above","related_issue":[547808],"teaser":"","voice_url":""},"yoast_head":"\nInflation is hurting the private sector - 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\/07\/07\/inflation-is-hurting-the-private-sector\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation is hurting the private sector\" \/>\n<meta property=\"og:description\" content=\"Activity in Egypt\u2019s non-oil private sector recorded its worst performance in two years in June, contracting at a faster pace as client demand dropped on supply-side pressures, rising inflation and the devaluation of the EGP. 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Business activity fell at a slightly slower pace during the month amid signs of softening inflation, though 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\/2022\/8\/144.png?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":582462,"url":"https:\/\/enterpriseam.com\/egypt\/2023\/03\/06\/private-sector-contracts-at-a-slower-pace-in-february-amid-signs-inflation-could-be-cooling\/","url_meta":{"origin":547812,"position":4},"title":"Private sector contracts at a slower pace in February amid signs inflation could be cooling","author":"enterpriseam admin","date":"6 March 2023","format":false,"excerpt":"Due to contraction to persistently high inflation as supply chain pressures","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\/3\/PMI-5-3-2023-1600-px.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":546224,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/09\/inflation-continues-to-dampen-business-activity-in-april\/","url_meta":{"origin":547812,"position":5},"title":"Inflation continues to dampen business activity in April","author":"enterpriseam admin","date":"9 May 2022","format":false,"excerpt":"Egypt\u2019s non-oil private sector continued to contract in April, buffeted by inflation that has been turbocharged by the war in Ukraine as well as by falling demand, according to the S&P Global purchasing managers\u2019 indexsurvey(pdf). 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