{"id":566706,"date":"2021-07-08T13:24:03","date_gmt":"2021-07-08T13:24:03","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/08\/tonight-annual-inflation-up-less-than-expected-in-june-egypt-gears-up-for-un-security-council-meeting-also-ecb-isnt-too-worried-about-inflation\/"},"modified":"2021-07-08T13:24:03","modified_gmt":"2021-07-08T13:24:03","slug":"tonight-annual-inflation-up-less-than-expected-in-june-egypt-gears-up-for-un-security-council-meeting-also-ecb-isnt-too-worried-about-inflation","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2021\/07\/08\/tonight-annual-inflation-up-less-than-expected-in-june-egypt-gears-up-for-un-security-council-meeting-also-ecb-isnt-too-worried-about-inflation\/","title":{"rendered":"TONIGHT: Annual inflation up less than expected in June. + Egypt gears up for UN Security Council meeting. ALSO: ECB isn\u2019t too worried about inflation."},"content":{"rendered":"

There\u2019s technically six working days until wa\u2019fa,<\/strong> which is expected to land on Monday, 19 July. We, like many, are marking the days like Robert De Niro in Cape Fear<\/a>.<\/p>\n

THE BIG STORY TODAY-<\/strong> Have we been shielded from the worst of the commodities boom?<\/strong> Annual headline inflation inched up marginally last month, defying everyone\u2019s expectations of a steady upward trend for the rest of the year on the back of the global commodities boom and mounting cost pressures on businesses. The slower-than-expected reading came as monthly food prices were little changed from May.<\/p>\n

A rate hold coming:<\/strong> Consequently, analysts we\u2019ve spoken with today are expecting the central bank to keep interest rates on hold when it meets early next month. We have chapter and verse in the Speed Round, below.<\/p>\n

Meanwhile, <\/strong>the European Central Bank<\/strong> is taking less of a hardline on inflation, <\/strong>announcing in a landmark policy review<\/a> today that it will let the headline rate exceed its target of close to 2% whenever necessary, tolerating temporary price growth. This suggests that<\/a> the ECB is following in the Fed\u2019s footsteps and is less likely to raise rates soon. The new strategy will first be put to the test when the Governing Council holds its interest-setting meeting on 22 July.<\/p>\n

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<\/a> HAPPENING NOW- The GERD showdown should be happening today:<\/strong> Egypt, Sudan, and Ethiopia are in New York for today\u2019s UN Security Council meeting on the Grand Ethiopian Renaissance Dam (GERD) dispute.<\/p>\n

Egypt and Sudan\u2019s foreign ministers have been coming up with a gameplan (with a little help from our Tunisian friends): <\/strong>Egyptian Foreign Minister Sameh Shoukry and his Sudanese counterpart Mariam Al Mahdi sat down yesterday to prepare for today\u2019s meeting \u2014 the second time<\/a> this week \u2014 ahead of the long-awaited GERD talks, the ministry spokesman said on Twitter<\/a>. The two countries will back Tunisia\u2019s draft resolution<\/a> to the council, which Shoukry describes as \u201cbalanced\u201d, he told the Associated Press<\/a>. The push at the security council came after Ethiopia announcing that it has unilaterally begun the second filling of the dam.<\/p>\n

Meanwhile, we\u2019re still drumming up last minute support:<\/strong> President Abdel Fattah El Sisi had a call with DR Congo President Felix Tshisekedi to discuss the latest developments in the dam dispute, according to an Ittihadiya statement<\/a>. Tshisekedi supported a trilateral resolution between the three sides and said that the Security Council meetings would act as a pathway for peaceful negotiations for other African disagreements.<\/p>\n

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