Egypt's annual inflation falls to 6.3% in Oct from 6.6% in Sept
Reuters
Published Nov 10, 2021 01:37AM ET
Updated Nov 10, 2021 12:36PM ET
CAIRO (Reuters) -Egypt's annual urban consumer price inflation slipped to 6.3% in October from September's 20-month high of 6.6% but the month-on-month CPI figure rose to 1.5% from 1.1%, statistics agency CAPMAS said on Wednesday.
Core inflation meanwhile increased to 5.2% year-on-year last month from 4.8% in September, central bank data showed.
Allen Sandeep of Naeem Brokerage said the monthly increase was driven by a hike in education fees of 12.7% and a 1% rise in the food index, which makes up 32.7% of the inflation index.
"The inflation reading for October, in our view, is also reflective of the worldwide supply chain distortions, which were obvious on meat, fish, milk, cheese and eggs," Sandeep wrote.
Red meat and poultry prices jumped by 4.6%, milk, cheese and eggs by 2.9%, and fish and seafood by 1.3%, he added.
Non-food inflation dropped to an annual 3.7% in October, its slowest in more than a decade, from 4.6% in September, Capital Economics said in a research note, although it warned that higher energy prices could push inflation higher again.
"The surge in global energy prices forced the government to hike industrial gas prices by as much as 28% last week," the note said.
"These prices are unlikely to feed through to consumers immediately, but if firms cannot absorb them into profit margins, they may be forced to pass on extra costs up the production chain."
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.