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Egypt’s inflation hits a record 38% in September

Published

1 year ago

October 10, 2023

Data from Egypt’s statistics agency, CAPMAS on Tuesday shows that its annual urban consumer price inflation rose to a historic high of 38.0% in September.

The rise, which exceeds analysts’ forecast, is a shift from 37.4% in August in its fourth consecutive month of record highs. The annual urban consumer inflation was expected to increase to 37.6% in September, according to the median prediction of the 18 analysts surveyed this week. Before inflation spiked in June, the previous peak was 32.95%, which was recorded in July 2017.

According to the central bank, core inflation, which excludes volatile commodities like food and gasoline, fell to 39.7% from 40.4% in August.

The price of food and beverages increased by 3.6% month over month in September, with prices of vegetables rising by 19.2%, fruits by 5.4%, dairy products by 5.4%, and sugar items by 2.9%.

The government said on Monday that it had reached an agreement with private producers and merchants to reduce the price of staple goods by 15–25% and exempt them from customs charges for six months in an effort to combat food inflation.

Egypt’s economy has recently been in decline as the country is one of the five countries in the world most at risk of defaulting on its external debt, according to financial ratings firm, Moody’s. Egypt has relied extensively on IMF and Gulf country bailouts in recent years.

VenturesNow

Moroccan annual inflation rises to 0.8% in November

Published

1 day ago

December 21, 2024

Ifeoluwa Dada

Morocco’s statistics office has confirmed that the country’s annual inflation rate, as determined by the consumer price index, increased from 0.7% in October to 0.8% in November.

Monthly, consumer prices decreased by 0.2% from October.

The primary driver of inflation, food costs, grew by 0.8% compared to the previous year, while non-food inflation climbed by 0.7%. Core inflation, which does not include more erratic items like food, increased 2.6% annually and 0.2% monthly.

According to the central bank, inflation is expected to average 1% this year, down from 6.1% last year.

Despite the Al-Haouz earthquake, a spike in inflation, and worldwide economic challenges, Morocco’s GDP grew by 3.4% in 2023.

A recovery in tourism, robust industrial exports, and rising private consumption—all bolstered by prudent macroeconomic policies—were the main drivers of growth.

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Nigeria’s $42bn foreign reserves enough for 9 months’ imports— Central Bank

Published

2 days ago

December 20, 2024

Ifeoluwa Dada

According to Olayemi Cardoso, Governor of the Central Bank of Nigeria (CBN), the nation’s $42.01 billion in foreign reserves can cover imports of goods and services for almost nine months.

Cardoso promised Nigerians improved economic fortunes in 2025 while addressing the Senate Committee on Banking, Insurance, and Other Financial Institutions yesterday in Abuja at the presentation of the performance index report.

Cardoso stated: “External Reserves rose from $ 38.35 billion it was on September 30, 2024, to $ 42.01 billion as of December 12, 2024”.

He clarified that third-party receipts in Q3 2024 and revenues from taxes connected to crude oil were the main drivers of the rise in foreign reserves during the specified time.

“We saw remarkable improvements in our trade balance and maintained a current account surplus,” he added.

“Our external reserves level can finance over 9.09 months of import of goods and services or 13.91 months only, higher than the international benchmark of 3.0 months and a robust buffer against shocks”.

On cash shortage, the CBN boss reiterated the N150 million fine against any branch of banks caught illegally distributing new Naira notes to currency hawkers and unscrupulous elements and said the Nigerian economy will improve in 2025 through policies and measures.

He predicted a stronger economic future: “Despite our economy’s challenges, there are clear reasons for optimism.

“The gradual stabilization of the forex market, ongoing banking sector recapitalization, and positive growth trends in key sectors, especially the services sector, indicate a path toward recovery and stability.”