{"id":556978,"date":"2021-09-01T04:14:09","date_gmt":"2021-09-01T04:14:09","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/01\/euro-inflation-hits-10-year-high-off-of-rising-food-and-industrial-prices\/"},"modified":"2021-09-01T04:14:09","modified_gmt":"2021-09-01T04:14:09","slug":"euro-inflation-hits-10-year-high-off-of-rising-food-and-industrial-prices","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/01\/euro-inflation-hits-10-year-high-off-of-rising-food-and-industrial-prices\/","title":{"rendered":"Euro inflation hits 10-year high off of rising food and industrial prices"},"content":{"rendered":"<p><a class=\"content-anchor\" id=\"tldr-story-09\"><\/a> <strong>Euro inflation has hit a 10-year high: <\/strong>Rising energy, food, and industrial prices drove consumer price inflation in the eurozone up 3% this month, beating predictions of 2.7% and significantly above the European Central Bank\u2019s (ECB) 2% target, according to a <a href=\"https:\/\/ent.news\/2021\/8\/eurostat-eurozone-inflation.pdf\">flash estimate (pdf)<\/a> from European stats body Eurostat. Analysts <a href=\"https:\/\/www.ft.com\/content\/b8a58356-653e-49f3-9de0-6f102c70f714\">don\u2019t expect inflation to peak until November<\/a>, which is all somewhat inconvenient for the ECB, which has attempted to downplay this year\u2019s inflationary pressures as a passing phase, even as price rises have routinely overshot its predictions.<\/p>\n<p><strong>The ECB still wants to stay loose:<\/strong> Policymakers aren\u2019t likely to tighten policy to curb the price rises anytime soon. They say current inflation is based on the \u201cone-off\u201d post-pandemic recovery and won\u2019t be sustained, pointing to weak underlying readings, including still-muted wage growth. In fact, the central bank is expecting years of sluggish price rises after the initial stimulus kick fades. As its chief economist told <a href=\"https:\/\/www.reuters.com\/article\/eurozone-economy-inflation\/euro-zone-inflation-surges-to-10-year-high-in-big-headache-for-ecb-idUSL4N2Q22BD\">Reuters<\/a>last week, the bank is therefore unlikely to waver from its bond-buying regime when it meets at the end of the week.<\/p>\n<p><strong>Saudi renewable energy giant <\/strong><strong><a href=\"https:\/\/www.acwapower.com\/en\/\">Acwa Power<\/a><\/strong><strong>\u2019s IPO on Riyadh\u2019s stock exchange <\/strong><strong>could go to market very soon<\/strong>, with an eye to raising more than USD 1 bn in proceeds in a transaction that could value Acwa at at least USD 10 bn, unnamed sources in the know tell <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2021-08-31\/saudi-pif-backed-acwa-power-to-seek-more-than-1-billion-in-ipo?srnd=premium-middle-east&sref=mmeFTDW1\">Bloomberg<\/a>. While a specific timeframe for when the Saudi sovereign fund-backed energy producer plans to close its IPO remains unknown, an announcement could be made as early as this week, though no final decision has been made and Acwa could still decide against the offering, the sources said. Acwa was earlier expected to pull the trigger on its planned IPO in <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2020-11-19\/saudi-wealth-fund-said-near-deal-to-boost-acwa-stake-before-ipo?sref=mmeFTDW1\">1H2021<\/a>, but then shelved its plans due to the covid disruption.<\/p>\n<p><strong>Acwa is <\/strong><strong><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d45c8a48-c37c-4a61-a59c-2bb02fd3c762\">a significant player<\/a><\/strong><strong> in Egypt\u2019s wind energy sector <\/strong>and is looking for ways to deploy solar here to power <a href=\"https:\/\/www.acwapower.com\/news\/acwa-power-signs-an-mou-with-the-ministry-of-housing-and-egyptian-electricity-holding-to-develop-egypts-sustainable-water-desalination-sector\/\">desalination projects<\/a>.<\/p>\n<div class='stock-ticker-panel'>\n<table class='table stock-ticker-table table-striped markets-table'>\n<tbody>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>EGX30 <\/strong><\/p>\n<\/td>\n<td>\n<p> 11143.8<\/p>\n<\/td>\n<td>\n<p>-0.17% (YTD: +2.8%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD (CBE)<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>USD at CIB<\/strong><\/p>\n<\/td>\n<td>\n<p>Buy 15.65<\/p>\n<\/td>\n<td>\n<p>Sell 15.75<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Interest rates CBE<\/strong><\/p>\n<\/td>\n<td>\n<p>8.25% deposit<\/p>\n<\/td>\n<td>\n<p>9.25% lending<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Tadawul<\/strong><\/p>\n<\/td>\n<td>\n<p>11,319.24<\/p>\n<\/td>\n<td>\n<p>+0.6% (YTD: +30.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-none'>\n<td class='td-list-none'>\n<p><svg class='e-icon e-TypeMarkets'><use xlink:href='#e-TypeMarkets'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>ADX<\/strong><\/p>\n<\/td>\n<td>\n<p>7,684.62<\/p>\n<\/td>\n<td>\n<p>-% (YTD: +52.3%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>DFM<\/strong><\/p>\n<\/td>\n<td>\n<p>2,902.97<\/p>\n<\/td>\n<td>\n<p>+0.1% (YTD: +16.5%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>S&P 500<\/strong><\/p>\n<\/td>\n<td>\n<p>4,522.68<\/p>\n<\/td>\n<td>\n<p>-0.1% (YTD: +20.4%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>FTSE 100<\/strong><\/p>\n<\/td>\n<td>\n<p>7,119.70<\/p>\n<\/td>\n<td>\n<p>-0.4% (YTD: +10.2%)<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Brent crude<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 72.99<\/p>\n<\/td>\n<td>\n<p>-0.6%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Natural gas <\/strong>(Nymex)<\/p>\n<\/td>\n<td>\n<p>USD 4.40<\/p>\n<\/td>\n<td>\n<p>+2.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-up'>\n<td class='td-list-up'>\n<p><svg class='e-icon e-TypeMarkets11'><use xlink:href='#e-TypeMarkets11'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>Gold<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 1,817.90<\/p>\n<\/td>\n<td>\n<p>+0.3%<\/p>\n<\/td>\n<\/tr>\n<tr class='tr-row-down'>\n<td class='td-list-down'>\n<p><svg class='e-icon e-TypeMarkets1'><use xlink:href='#e-TypeMarkets1'><\/use><\/svg><\/p>\n<\/td>\n<td>\n<p><strong>BTC<\/strong><\/p>\n<\/td>\n<td>\n<p>USD 46,834.39<\/p>\n<\/td>\n<td>\n<p>-0.2% (as of midnight)<\/p>\n<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n<p><strong>THE CLOSING BELL-<\/strong><\/p>\n<p><strong>The EGX30 fell 0.2% at yesterday\u2019s close<\/strong> on turnover of EGP 1.6 bn (7.8% above the 90-day average). Regional investors were net sellers. The index is up 2.8% YTD.<\/p>\n<p><strong>In the green: <\/strong>Fawry (+5.4%), Mopco (+1.9%) and Credit Agricole (+1.8%).<\/p>\n<p><strong>In the red: <\/strong>Speed Medical (-8.2%), Qalaa Holding (-2.5%) and Egyptian Resorts Company (-2.4%).<\/p>\n<p><strong>Major Asian benchmarks in Hong Kong, mainland China and Korea are all in the green this morning<\/strong> and futures suggest much of Western Europe and North America will follow suit at the opening bell later today.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Euro inflation has hit a 10-year high: Rising energy, food, and industrial prices drove consumer price inflation in the eurozone up 3% this month, beating predictions of 2.7% and significantly above the European Central Bank\u2019s (ECB) 2% target, according to a flash estimate (pdf) from European stats body Eurostat. Analysts don\u2019t expect inflation to peak [&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":[7210],"tags":[1042,3402,93,72,7192,119,182,78,122,151,200],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-556978","post","type-post","status-publish","format-standard","hentry","category-planet-finance","tag-acwa-power","tag-eat-just","tag-energy","tag-enterpriseam","tag-eu","tag-financial-markets","tag-inflation","tag-ipo-watch","tag-planet-finance","tag-renewables","tag-venture-capital","wpautop","entry"],"acf":{"mongo_id":"23f7d5a7-4516-4618-845e-4bff359ac4f5","is_powered_by":true,"story_type":"1","photo_url":"","photo_position":"above","related_issue":[556959],"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>Euro inflation hits 10-year high off of rising food and industrial prices - 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\/2021\/09\/01\/euro-inflation-hits-10-year-high-off-of-rising-food-and-industrial-prices\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Euro inflation hits 10-year high off of rising food and industrial prices\" \/>\n<meta property=\"og:description\" content=\"Euro inflation has hit a 10-year high: Rising energy, food, and industrial prices drove consumer price inflation in the eurozone up 3% this month, beating predictions of 2.7% and significantly above the European Central Bank\u2019s (ECB) 2% target, according to a flash estimate (pdf) from European stats body Eurostat. 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