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Egypt’s inflation rose to 27% in October— Report

Published

1 month ago

November 7, 2024

According to a poll released on Wednesday, higher school costs and a mid-month spike in fuel prices are said to have contributed to Egypt’s inflation, which rose to 27.0% in October.

According to the median prediction of 17 analysts, annual urban consumer inflation rose from 26.4% in September to 27% last month, marking the third consecutive month that annual inflation has increased. The information was gathered between October 31 and November 6.

“The rise in October will be primarily driven by a likely revision in education costs, typically accounted in October,” Sri Virinchi Kadiyala of ADCB said.

Egypt and the International Monetary Fund inked an $8 billion financial assistance deal in March that calls for Egypt to raise a number of domestic prices in order to adopt a less inflationary monetary policy.

According to central bank data, Egypt’s M2 money supply increased by an apparent all-time high of 29.59% year over year in September, contributing to inflation.

Fuel hikes of 10-15% around the end of July and another 11-17% increase in mid-October, a 25-33% increase in metro tickets at the start of August, and a 21-31% increase in energy tariffs in August and September all contributed to the annual inflation gain.

After hitting a record high of 38.0% in September 2023, inflation has been steadily declining. For the first time since January 2022, the central bank’s lending rate became positive in July, rising to 28.25%.

“We do still expect for inflation to slow over the remainder of Q4 and more sharply in Q1 2025 to allow the central bank to start its monetary loosening cycle,” James Swanston of Capital Economics said.

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Moroccan annual inflation rises to 0.8% in November

Published

13 hours 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.”