{"id":564128,"date":"2021-08-10T13:45:11","date_gmt":"2021-08-10T13:45:11","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/inflation-hits-2021-high-but-still-rises-below-expectations\/"},"modified":"2021-08-10T13:45:11","modified_gmt":"2021-08-10T13:45:11","slug":"inflation-hits-2021-high-but-still-rises-below-expectations","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/08\/10\/inflation-hits-2021-high-but-still-rises-below-expectations\/","title":{"rendered":"Inflation hits 2021 high but still rises below expectations"},"content":{"rendered":"

<\/a> Annual urban inflation <\/strong>accelerated in July <\/strong>on the back of rising energy and food prices, according to official figures from state statistics body Capmas. The headline urban rate climbed to 5.4%, up from 4.9%<\/a> in June, as the government hiked fuel<\/a> and electricity<\/a> costs. Headline prices rose 0.9% on a monthly basis, compared with a 0.2% rise in June.<\/p>\n

Housing and utilities prices accelerated to 4.1% annually<\/strong> and 2.4% from June in response to the higher energy costs. Food and beverage prices, the largest component in the basket of goods, rose 4.8% on an annual basis, and 0.5% on a monthly basis, while tobacco increased 2.9% after prices were hiked<\/a> at the beginning of the new fiscal year. Transport (6.6%, and recreational and cultural activities (12%) also became more expensive in July.<\/p>\n

This is the highest headline inflation rate recorded since the start of the year<\/strong> \u2014 and marks 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 the fourth quarter of 2022.<\/p>\n

Overall annual inflation shot up to 6.1% as it continued to pull away from the urban rate<\/strong>, up from 5.3% in June, rising 1% on a monthly basis in comparison with 0.3% in June.<\/p>\n

Core inflation at near two-year high:<\/strong> Annual core inflation rose to its highest level since August 2019<\/a>, accelerating to 4.6% in July from 3.8% the month prior, central bank figures (pdf)<\/a> show. Monthly core prices rose to 0.6% from -0.1% in June. Core inflation strips out volatile items such as food and fuel.<\/p>\n

The headline figure c<\/strong>ame below analysts\u2019 expectations despite rising for the third month running.<\/strong> The rise came in below Beltone Financial\u2019s expectation of a 6% increase, and Pharos\u2019 5.6% forecast.<\/p>\n

Prices will likely keep on pushing up:<\/strong> Inflation will continue to gain momentum in the second half of the year \u201cas the rise in global commodity prices starts to reflect gradually in the domestic market coupled with base effect,\u201d Beltone\u2019s chief economist Alia Mamdouh wrote in a note this morning. Her statement was echoed by EFG Hermes\u2019 head of macroeconomic research Mohamed Abu Basha, who told Bloomberg<\/a> that \u201cminor inflationary pressure remains on the cards.\u201d Expectations are that late July\u2019s hike in fuel prices will show in August\u2019s numbers, while analysts are also braced for the impact of any potential rise in the price of subsidized bread<\/a>.<\/p>\n

Central bank to hold rates through 2021?<\/strong> The chances are that the central bank will continue to keep interest rates on hold<\/a> at its next meeting in September, Mamdouh wrote, citing the need to maintain Egypt\u2019s high real rates as other emerging markets tighten policy. Meanwhile, Abu Basha said that the central bank may leave rates unchanged for the rest of the year. Prime Holdings and Renaissance Capital are also predicting rates to stay the same until 2022. The CBE left rates on hold<\/a> for a sixth straight meeting last week, meaning the overnight and lending rates will remain at 8.25% and 9.25% respectively until at least September.<\/p>\n","protected":false},"excerpt":{"rendered":"

Annual urban inflation accelerated in July on the back of rising energy and food prices, according to official figures from state statistics body Capmas. The headline urban rate climbed to 5.4%, up from 4.9% in June, as the government hiked fuel and electricity costs. Headline prices rose 0.9% on a monthly basis, compared with a […]<\/p>\n","protected":false},"author":1,"featured_media":564129,"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":[10034],"tags":[330,104,244,633,819,182,349,98],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-564128","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-speed-round-economy","tag-capmas","tag-economy","tag-electricity","tag-enterprisepm","tag-fuel","tag-inflation","tag-interest-rates","tag-subsidies","wpautop","entry"],"acf":{"mongo_id":"abf567b4-dda5-496a-8f9a-a388342de376","order":"0","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2021\/8\/401.jpg","photo_position":"above","related_issue":[564124],"teaser":"","voice_url":""},"yoast_head":"\nInflation hits 2021 high but still rises below expectations - 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\/10\/inflation-hits-2021-high-but-still-rises-below-expectations\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Inflation hits 2021 high but still rises below expectations\" \/>\n<meta property=\"og:description\" content=\"Annual urban inflation accelerated in July on the back of rising energy and food prices, according to official figures from state statistics body Capmas. The headline urban rate climbed to 5.4%, up from 4.9% in June, as the government hiked fuel and electricity costs. 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On a monthly basis, consumer prices fell for the first time in 11 months, dipping 0.1% due\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\/1\/118.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":557230,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/09\/12\/inflation-continues-upwards-trend-in-august-hitting-5-7\/","url_meta":{"origin":564128,"position":1},"title":"Inflation continues upwards trend in August, hitting 5.7%","author":"enterpriseam admin","date":"12 September 2021","format":false,"excerpt":"Annual urban inflation hit its highest level in nine months in August on the back of rising food, fuel and transportation costs, according to figures released on Thursday. Headline urban inflation rose slightly to 5.7% in August, up from 5.4% in July, according to state statistics agency Capmas. That\u2019s 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\/9\/141.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":565438,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/04\/08\/inflation-uptick-as-ramadan-approaches\/","url_meta":{"origin":564128,"position":2},"title":"Inflation uptick as Ramadan approaches","author":"enterpriseam admin","date":"8 April 2021","format":false,"excerpt":"Annual headline inflation accelerated slightly to 4.8% in March, up from 4.6% in February, state statistics bureau Capmas\u2019 latest reading (pdf) showed. Annual urban inflation stood steady to 4.5% in March. On a monthly basis, headline inflation rose 0.6% m-o-m, compared to a 0.2% monthly rise in February. 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Annual urban inflation rose to 13.5% last month from 13.1% in Aprilas rising global commodity prices and the EGP devaluation pushed consumer prices upwards for a sixth consecutive\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\/6\/223.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":566708,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/08\/monthly-prices-in-urban-egypt-hold-steady-keeping-inflation-in-check\/","url_meta":{"origin":564128,"position":4},"title":"Monthly prices in urban Egypt hold steady, keeping inflation in check","author":"enterpriseam admin","date":"8 July 2021","format":false,"excerpt":"Annual urban inflation inched up slightly in June, at a pace slower than everyone had expected, thanks to a favorable base effect and a slowdown in the growth of monthly food prices. Figures released today by state statistics bureau Capmas showed the headline rate accelerated to 4.9% at the end\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\/2021\/7\/362.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":573589,"url":"https:\/\/enterpriseam.com\/egypt\/2020\/08\/11\/egypts-inflation-decelerated-in-july-to-4-2-below-expectations\/","url_meta":{"origin":564128,"position":5},"title":"Egypt\u2019s inflation decelerated in July to 4.2%, below expectations","author":"enterpriseam admin","date":"11 August 2020","format":false,"excerpt":"Annual headline inflation decelerated to 4.2% in July, down from an uptick to 5.6% in June, according to central bank figures (pdf). The central bank attributed the decline to a favorable base effect. Monthly headline urban figures remained restrained at 0.4% in July, compared to 1.8% during the same month\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\/8\/75.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\/564128","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=564128"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/564128\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/564124"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/564129"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=564128"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=564128"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=564128"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=564128"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=564128"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}