{"id":550872,"date":"2022-05-10T13:11:33","date_gmt":"2022-05-10T13:11:33","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-evening-annual-urban-inflation-accelerated-to-its-highest-level-in-nearly-three-years-in-april-the-eu-is-backtracking-on-plans-to-ban-imports-of-russian-oil\/"},"modified":"2022-05-10T13:11:33","modified_gmt":"2022-05-10T13:11:33","slug":"this-evening-annual-urban-inflation-accelerated-to-its-highest-level-in-nearly-three-years-in-april-the-eu-is-backtracking-on-plans-to-ban-imports-of-russian-oil","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/05\/10\/this-evening-annual-urban-inflation-accelerated-to-its-highest-level-in-nearly-three-years-in-april-the-eu-is-backtracking-on-plans-to-ban-imports-of-russian-oil\/","title":{"rendered":"THIS EVENING: Annual urban inflation accelerated to its highest level in nearly three years in April + The EU is backtracking on plans to ban imports of Russian oil"},"content":{"rendered":"

Good afternoon, ladies and gentlemen, and welcome to the end of hump day.<\/strong> While it\u2019s not what we would describe as a typical news dump day, there are interesting stories to keep your eyes on.<\/p>\n

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

<\/a> Annual urban inflation accelerated to its highest level in nearly three years in April<\/strong> amid rising global food prices and the EGP devaluation. <\/strong>The headline rate recorded 13.1% in April, rising from 10.5% in March, according to figures released by statistics agency Capmas. April\u2019s reading is above the Central Bank of Egypt\u2019s 7% (\u00b12%) target range and the quickest rate since May 2019, when the figure stood at 14.1%. Monthly inflation accelerated to 3.3%, its highest level since June 2019 when it recorded 3.48%.<\/p>\n

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

The EU is backtracking on plans to ban imports of Russian oil<\/strong> after facing pressure from several European countries, most notably Greece, Malta and Hungary, which has also withheld its backing of the proposed EU embargo on oil from the country. The proposed ban was intended to add further strain on Russia by cutting off a major export market. The European countries that protested the ban argued that a number of EU economies would be hit hard if it had passed, and that the ban won\u2019t be effective because it does not involve other countries such as the US and UK, where many shipping vessels are flagged. Bloomberg<\/a> and the Financial Times<\/a> have the story.<\/p>\n

But other sanctions are on their way: <\/strong>The EU had also proposed a ban on European companies providing ins. to Russian oil shippers \u2014 a move that some analysts believe would \u201cstill amount to a backdoor ban on Russian oil worldwide.\u201d It is also currently working on a strategy to more than double the pace at which solar panels are installed across the bloc as an alternative to Russian fossil fuels, Bloomberg<\/a> reports.<\/p>\n

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