{"id":588249,"date":"2023-06-08T00:00:00","date_gmt":"2023-06-08T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/its-inflation-day\/"},"modified":"2023-06-08T00:00:00","modified_gmt":"2023-06-08T00:00:00","slug":"its-inflation-day","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2023\/06\/08\/its-inflation-day\/","title":{"rendered":"It\u2019s inflation day"},"content":{"rendered":"<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Happy Thursday, readers:<\/span><span> We have brisk issue to close out another week.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span><a id=\"wwtt3\"><\/a> <\/span><span style=\"font-weight:700\">PSA: Cloudy with a chance of sand:<\/span><span style=\"\"> Expect wind, rain, sand and dust in the capital today and <\/span><span>tomorrow as Khamaseen continues, the Egyptian Meteorological Authority <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3J1uG04\" style=\"\">said<\/a><\/span><span> yesterday.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<hr style=\"height:2px;border-width:0;color:gray;background-color:gray\">\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING TODAY-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <a id=\"wwtt1\"><\/a> <\/span><span style=\"font-weight:700\">Inflation data to land:<\/span><span style=\"\"> Capmas and the central bank will publish May\u2019s inflation data today.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">What the analysts are saying:<\/span><span style=\"\"> Consumer prices are expected to have resumed their upward <\/span><span>trajectory last month, according to the median forecast in a <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nasdaq.com\/articles\/egypt-inflation-forecast-to-climb-in-may-as-fuel-and-food-prices-rise\" style=\"\">Reuters<\/a><\/span><span> poll of 13 analysts which puts annual urban inflation at 31.4%, up from <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/e8b89cdc-cf1e-4a57-bcf6-75cf185240d0\" style=\"\">30.6%<\/a><\/span><span> in April. Inflation has soared to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/fed48338-9c78-413e-93c0-e2bc59f52ec4\" style=\"\">near-record highs<\/a><\/span><span style=\"font-weight:400;\"> this year on the back of a series of currency devaluations, the FX crunch and higher energy prices.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span><a id=\"wwtt5\"><\/a> <\/span><span style=\"font-weight:700\">El Sisi in Zambia:<\/span><span style=\"\">President Abdel Fattah El Sisi is in Zambia today to attend the summit of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.comesa.int\/\" style=\"\">Common Market for Easter and Southern African<\/a><\/span><span>(COMESA), <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3XaISdj\" style=\"\">Ittihadiya<\/a><\/span><span style=\"font-weight:400;\"> said last night.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"-webkit-text-decoration-skip:none;font-weight:700;text-decoration-skip-ink:none\"><a href=\"https:\/\/africahealthexcon.com\/\" style=\"\">Africa Health Excon<\/a><\/span><span style=\"font-weight:700\">:<\/span><span style=\"\"> It\u2019s the penultimate day of Africa Health Excon at <\/span><span>the Egypt International Exhibition Center. Check out the agenda <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/icomgroup.eventsair.com\/QuickEventWebsitePortal\/africa-health-excon-23\/program\/Agenda\" style=\"\">here<\/a><\/span><span style=\"font-weight:400;\">.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">ITU meeting:<\/span><span style=\"\"> It\u2019s the final day of the International Telecommunication Union\u2019s <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.itu.int\/itu-d\/meetings\/gsr-23\/\" style=\"\">Global Symposium for Regulators<\/a><\/span><span style=\"font-weight:400;\"> in Sharm El Sheikh.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">HAPPENING NEXT WEEK-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span><a id=\"wwtt2\"><\/a> <\/span><span style=\"font-weight:700\">IMF deputy MD in Cairo: <\/span><span style=\"\">IMF deputy managing director Antoinette Sayeh <\/span><span style=\"\">will land in Cairo <\/span><span style=\"\">in <\/span><span>the coming days to meet with Egyptian officials regarding the government\u2019s economic reform program, IMF representative Said Bakhache told <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/english.ahram.org.eg\/NewsContent\/3\/12\/502531\/Business\/Economy\/IMF-deputy-MD-arrives-in-Cairo-to-discuss-economic.aspx\" style=\"\">Ahram Online<\/a><\/span><span style=\"font-weight:400;\">. Sayeh will attend the launch of an IMF paper on Sunday, according to the newspaper, which didn\u2019t provide further details about her schedule.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">Review delayed:<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/36adb057-8423-4f7e-a75a-e1c9c4a55433\" style=\"\">Originally scheduled for mid-March<\/a><\/span><span style=\"\">, the IMF has postponed the first review of <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/c374319e-e849-44f6-bf5a-8179fb41caf5\" style=\"\">Egypt\u2019s loan program<\/a><\/span><span> due to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/7c21c86c-40a9-40f1-8e97-0dc7f259a895\" style=\"\">delays implementing<\/a><\/span><span> several of its key conditions. Under the USD 3 bn facility, Egypt committed to adopting a fully flexible exchange rate and accelerating its privatization program as a means to ending the prolonged FX crunch. The government aims to <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/b76ec80b-bf18-47d1-bf53-07b5b9cefb8f\" style=\"\">raise USD 2 bn<\/a><\/span><span style=\"font-weight:400;\"> via asset sales by the end of this month.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;font-weight:700;\"><a href=\"https:\/\/enterprise.press\/am-edition\/#calendar\" style=\"\">Check out our full calendar on the web<\/a><\/span><span style=\"font-weight:400;\"> for a comprehensive listing of upcoming news events, national holidays and news triggers.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">WATCH THIS SPACE-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span> <\/span><span><a id=\"wwtt4\"><\/a> <\/span><span style=\"font-weight:700\">We could see a government decision on electricity prices in two weeks: <\/span><span>Recommendations <\/span><span>for new electricity tariffs have been sent to the cabinet for approval and could be announced within the next two weeks, <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.alborsaanews.com\/2023\/06\/07\/1676576\" style=\"\">Al Borsa<\/a><\/span><span>reports, citing government sources. Electricity prices <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/d4c1cc4a-f997-42e5-bf44-02ecd645050f\" style=\"\">have been frozen<\/a><\/span><span style=\"font-weight:400;\">over the past year under efforts to protect households from the rising cost of living. The current freeze is due to expire at the end of the current fiscal year on 30 June.<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><img data-recalc-dims=\"1\" decoding=\"async\" src=\"https:\/\/i0.wp.com\/ent.news\/2023\/6\/422.jpg?ssl=1\"\/><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700;\">THE BIG STORY ABROAD-<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">The disappearance of the US\u2019s East Coast under a thick yellowish haze is front pages of <\/span><span style=\"font-weight:700\">the foreign press this morning:<\/span><span> Smoke drifting southwards from Canadian wildfires has blanketed virtually the entire Atlantic seaboard, prompting the cancellation of flights, outdoor activities, and schools. New York was said to have the worst air quality of anywhere in the world, and residents have been advised to remain indoors. (<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/apnews.com\/article\/wildfires-canada-quebec-3291016eaa4905177c90feae02a139c5\" style=\"\">Associated Press<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.reuters.com\/business\/environment\/us-states-under-air-quality-alerts-canadian-smoke-drifts-south-2023-06-07\/\" style=\"\">Reuters<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2023-06-07\/nyc-mayor-urges-citizens-to-wear-masks-for-unprecedented-smoke?srnd=premium-middle-east\" style=\"\">Bloomberg<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.ft.com\/content\/57f950ef-1110-4080-9324-903454770f5e\" style=\"\">Financial Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.nytimes.com\/live\/2023\/06\/07\/us\/canada-wildfires-air-quality-smoke\" style=\"\">New York Times<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.washingtonpost.com\/weather\/2023\/06\/07\/canada-wildfires-smoke-air-quality-updates\/\" style=\"\">Washington Post<\/a><\/span><span> | <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.wsj.com\/articles\/smoke-air-quality-nyc-northeast-canadian-wildfires-6b5ffc01\" style=\"\">Wall Street Journal<\/a><\/span><span> |<\/span><\/p>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:400;\"><\/p>\n<div class=\"row\">\n<div class=\"col-md-12 subscribe-box-panel\">\n<div class=\"\">\n<div class=\"title\">\n<h4 class=\"fw-lighter mb-10\">\n          Get <b style=\"font-weight: 700\">Enterprise<\/b> daily<br \/>\n        <\/h4>\n<\/p><\/div>\n<p class=\"mb-10\">The roundup of news and trends that move your markets and shape corporate agendas delivered straight to your inbox.<\/p>\n<p>     <a href=\"egypt\/en\/user\/NewsLetters\" type=\"button \" class=\"btn-green px-3 d-flex align-items-center\">Subscribe here<\/a>\n    <\/div>\n<\/p><\/div>\n<\/div>\n<p style=\"padding:0;margin:0;line-height:1.15;orphans:2;widows:2;text-align:left\"><span style=\"font-weight:700\">A rocky road for Cairo\u2019s bike-sharing program<\/span><span style=\"font-weight:700\">: <\/span><span style=\"\">Nine months after <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/enterprise.news\/egypt\/en\/news\/story\/a74d52b5-e645-4479-a2e3-6b12a51541f2\" style=\"\">its debut<\/a><\/span><span style=\"\">, local media is <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/bit.ly\/3J0IWWW\" style=\"\">reporting<\/a><\/span><span> that some of the <\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.instagram.com\/cairobikeeg\/?hl=en\" style=\"\">Cairo Bike<\/a><\/span><span>stations on the streets of downtown Cairo have been removed. <\/span><span>Cairo Governorate<\/span><span style=\"text-decoration-skip-ink:none;-webkit-text-decoration-skip:none;\"><a href=\"https:\/\/www.facebook.com\/CairoGovernment1\/posts\/pfbid031PLCyHGzMv1xhQR6jRVo8z8iH1fQ6Tu5LRd4XBUE8tXKbwZHqHGKyXpJfhZsbcr5l\" style=\"\">said<\/a><\/span><span style=\"font-weight:400;\"> that after running a comprehensive review of the scheme, it has commissioned another local operator to take over and solve technical issues, including that the scheme\u2019s app didn\u2019t allow for the use of some payment methods. The governorate says the initiative will continue to operate all of its 500 bicycles and 45 stations. The project has stations in Downtown, Zamalek, and Garden City. <\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Analysts expect annual urban inflation to have accelerated last month<\/p>\n","protected":false},"author":1,"featured_media":588250,"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":[7204],"tags":[104,72,182,74],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-588249","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-what-were-tracking-today","tag-economy","tag-enterpriseam","tag-inflation","tag-what-were-tracking-today","wpautop","entry"],"acf":{"mongo_id":"e86abd54-7518-4a2d-b743-1446a52e73f9","order":"0","is_powered_by":false,"story_type":"4","photo_url":"https:\/\/ent.news\/2023\/6\/426.jpg","photo_position":"above","homepage_title":"","full_issue_title":"It\u2019s inflation day in Egypt","related_issue":[588247],"teaser":"Analysts expect annual urban inflation to have accelerated last month","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2023\/6\/.06c05f01-9efe-4a22-abe1-d903af6f5b50.mp3"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v27.1 (Yoast SEO v27.1.1) - 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That seems to be what\u2026","rel":"","context":"In &quot;What We're Tracking Today&quot;","block_context":{"text":"What We're Tracking Today","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-today\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":636183,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/12\/26\/what-were-tracking-this-week-92\/","url_meta":{"origin":588249,"position":5},"title":"What we\u2019re tracking this week","author":"enterpriseam admin","date":"26 December 2017","format":false,"excerpt":"Expect the central bank\u2019s Monetary Policy Committee to keep interest rates on hold when they meet on Thursday, Pharos Holding\u2019s Ramy Oraby says. \u201cWe believe that the current disinflation trend will continue, leading the annual inflation rate downwards to 14.4% YoY in 4Q 2018, which is in line with the\u2026","rel":"","context":"In &quot;What We\u2019re Tracking This Week&quot;","block_context":{"text":"What We\u2019re Tracking This Week","link":"https:\/\/enterpriseam.com\/egypt\/category\/what-were-tracking-this-week\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588249","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=588249"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/588249\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/588247"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/588250"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=588249"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=588249"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=588249"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=588249"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=588249"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}