{"id":558663,"date":"2021-08-22T03:55:24","date_gmt":"2021-08-22T03:55:24","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/egypt-is-aiming-for-6-inflation-in-fy2021-2022\/"},"modified":"2021-08-22T03:55:24","modified_gmt":"2021-08-22T03:55:24","slug":"egypt-is-aiming-for-6-inflation-in-fy2021-2022","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/22\/egypt-is-aiming-for-6-inflation-in-fy2021-2022\/","title":{"rendered":"Egypt is aiming for 6% inflation in FY2021-2022"},"content":{"rendered":"

<\/a> The government is targeting a 6% inflation rate in FY2021-2022<\/strong>, down from 13.3% in 2018-2019, under its medium-term fiscal plans, Planning Minister Hala El Said said in a statement<\/a>. The headline rate is currently approaching the lower band of the CBE\u2019s target range, after inflation inched up to 5.4% last month<\/a> from 4.9% in June<\/a> \u2014 its highest since the start of the year and the first time since January 2020<\/a> that inflation has risen into the CBE\u2019s target range, which currently stands at 7% (\u00b12%) on average by 4Q2022.<\/p>\n

Egyptian rate watchers are largely on the same page: <\/strong>A Reuters survey<\/a> of analysts and economists project annual urban consumer price inflation to average 6% in FY2021-2022, slightly below the 6.4% expected in the newswire\u2019s last poll<\/a> three months ago. The IMF (pdf)<\/a>, meanwhile, expects inflation to average 6.6% during 2021-2022, before ticking up to 6.9% the year after.<\/p>\n

Inflationary pressures have been largely muted since the start of 2021<\/strong>, shrugging off the global commodities boom<\/a>, which took a while to filter through here at home. The cycle began to catch up in May, leading to a spike in food prices and a 70 basis points increase in the annual rate. Before that, inflation unexpectedly slowed to 4.1% in April<\/a>, after having held steady at 4.5% in March<\/a> from February<\/a>, dropping last January to its lowest level since September 2020<\/a>.<\/p>\n

Egypt wants to reduce the unemployment rate to 7.3% by the end of FY2021-2022<\/strong>, down from the 9.6% recorded in the preceding year. The government looks set to achieve that target, with the unemployment rate coming in at 7.3% in 2Q2021<\/a>. Though rates improved just 0.1 percentage points from the preceding quarter, this is still a huge improvement from 2Q2020<\/a>, when the partial lockdown of the economy saw unemployment rise to a two-year high of 9.6%.<\/p>\n

SMART POLICY- The government is looking to bring down the population growth rate to 2%<\/strong> by the end of FY2021-2022 from the 2.56% recorded in 2017, El Said said. The government already has a long-term plan<\/a> in place designed to better-manage population growth. More than 20 mn families should have been onboarded to the government\u2019s family planning program with over 2.8 mn new participants by mid-2021<\/a>, while the EGP 100 mn Two is Enough<\/a> family planning program will also be expanded.<\/p>\n","protected":false},"excerpt":{"rendered":"

The government is targeting a 6% inflation rate in FY2021-2022, down from 13.3% in 2018-2019, under its medium-term fiscal plans, Planning Minister Hala El Said said in a statement. The headline rate is currently approaching the lower band of the CBE\u2019s target range, after inflation inched up to 5.4% last month from 4.9% in June […]<\/p>\n","protected":false},"author":1,"featured_media":558664,"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":[107,104,928,72,182,359],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-558663","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-economy","tag-covid-19","tag-economy","tag-employment","tag-enterpriseam","tag-inflation","tag-population-growth","wpautop","entry"],"acf":{"mongo_id":"d563a4e3-6dac-4e99-84f7-c7f3e3e7a220","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/218.jpg","photo_position":"above","related_issue":[558655],"teaser":"","voice_url":""},"yoast_head":"\nEgypt is aiming for 6% inflation in FY2021-2022 - 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\/08\/22\/egypt-is-aiming-for-6-inflation-in-fy2021-2022\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Egypt is aiming for 6% inflation in FY2021-2022\" \/>\n<meta property=\"og:description\" content=\"The government is targeting a 6% inflation rate in FY2021-2022, down from 13.3% in 2018-2019, under its medium-term fiscal plans, Planning Minister Hala El Said said in a statement. 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The central bank hiked rates by 200 basis points, bringing its deposit rate to 11.25% and the lending rate\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\/5\/271.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":561864,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/25\/growth-forecasts-are-largely-holding-steady\/","url_meta":{"origin":558663,"position":2},"title":"Growth forecasts are (largely) holding steady","author":"enterpriseam admin","date":"25 April 2021","format":false,"excerpt":"Egypt\u2019s economy is expected to close out the state\u2019s 2020-2021 fiscal year having grown 2.9%, according to a Reuters poll of 23 economists. This is a very slight upwards revision from the 2.8% from an earlier Reuters poll in January but is still short of the 3.3% projected by 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\/2021\/4\/247.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559124,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/01\/11\/a-little-bit-limp\/","url_meta":{"origin":558663,"position":3},"title":"A little bit limp","author":"enterpriseam admin","date":"11 January 2021","format":false,"excerpt":"Annual urban headline inflation dropped to 5.4% in December from 5.7% in November, according to figures released Sunday by state statistics agency Capmas (pdf) and the central bank (pdf). On a monthly basis, prices fell at their quickest pace since June 2019 as falling food and beverage prices resulted in\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\/1\/109.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":578144,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/12\/18\/cbe-to-raise-interest-rates-this-week-poll-2\/","url_meta":{"origin":558663,"position":4},"title":"CBE to raise interest rates this week - poll","author":"enterpriseam admin","date":"18 December 2022","format":false,"excerpt":"The Central Bank of Egypt is likely to raise interest rates when it meets on Thursday thanks to rising inflation, according to our interest rate poll. Seven of the nine analysts and economists we surveyed see the Monetary Policy Committee raising rates later this week, with five expecting another huge\u2026","rel":"","context":"In "POLL"","block_context":{"text":"POLL","link":"https:\/\/enterpriseam.com\/egypt\/category\/poll\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/353.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543516,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/cbe-leaves-rates-unchanged-in-first-meeting-of-2022\/","url_meta":{"origin":558663,"position":5},"title":"CBE leaves rates unchanged in first meeting of 2022","author":"enterpriseam admin","date":"6 February 2022","format":false,"excerpt":"The Central Bank of Egypt (CBE) left interest rates on hold for the tenth consecutive meeting on Thursday. The CBE left the overnight deposit rate at 8.25% and the lending rate at 9.25%, while the main operation and discount rates are still at 8.75%, it said in a statement (pdf)\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\/2\/60.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\/558663","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=558663"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/558663\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/558655"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/558664"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=558663"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=558663"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=558663"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=558663"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=558663"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}