14186
Egypt Consumer Inflation Rises to 11.5%
World Economy

Egypt Consumer Inflation Rises to 11.5%

Egypt’s annual urban consumer inflation and core inflation both picked up in March for a second consecutive month, a sign the government may be struggling to balance economic growth and price stability.
Egypt’s urban consumer inflation rose to 11.5 percent in March from 10.6 percent the previous month, the official statistics agency said on Thursday. The five-month high was driven by a rise in food and utility prices, Reuters reported.
Core annual inflation, which excludes volatile items like fruit and vegetables, also ticked up to 7.21 percent from 7.15 percent in February, the central bank said later in the day.
Inflation accelerated in Egypt after the government slashed subsidies last summer, pushing up fuel prices as much as 78 percent.
The central bank kept interest rates on hold in February and most analysts said this suggested the bank sees tackling inflation as its main priority.
The bank had surprised markets with a 50-basis-point rate cut the previous month, citing an easing inflation outlook.
Meanwhile, Egypt’s non-oil private sector shrunk in March for the third month in a row, the HSBC Egypt Purchasing Managers Index showed, with a weak currency boosting input costs and subdued demand curbing output and employment.

 

Short URL : http://goo.gl/mbbZji

You can also read ...

Members discuss policies, regulation and flexibility to  help improve infrastructure.
Experts from APEC member economies spoke about the need to...
China Eyes SE Asia Investments
Companies from the world’s second-biggest economy are...
South Korea Business Groups’ Investment Rises 28%
South Korea’s top 30 conglomerates increased their investment...
Romania leads the pack in economic growth. The picture shows tires being inspected during production  at the Continental plant in Timisoara.
Economies in most of the European Union’s eastern wing...
Project awards in Bahrain plunged 84%.
Contracts awarded to build economic projects in the Persian...
Australia Economy Grows  With Strong Jobs Report
The strength of the Australian economy has been impressive of...
Infosys is Asia’s No.2 software services developer.
Infosys Ltd. approved a 130 billion rupees ($2 billion) share...
Qatar Tells Banks to Seek Overseas Funding
Qatar is telling its banks to tap international investors to...

Trending

Googleplus