Egypt Inflation Rate YoY
The change in the cost of a fixed basket of goods and services purchased by a representative sample of households from urban areas, which include Cairo, Alexandria, urban Lower Egypt, urban Upper Egypt, Canal cities, and Frontier governorates, are measured by the Consumer Price Index (CPI) in Egypt. Food and beverages (which account for 40% of total weight), housing, water, electricity, gas, and other fuels (18.4%), medical care (6.3%), and transportation (5.7%) are the most significant categories in the headline CPI. Clothing and footwear make for 5.4% of the entire index, while education accounts for 4.6%. Hotels, cafes, and restaurants account for 4.4%, while furnishings, household equipment, and routine maintenance of the dwelling account for 3.8%. In addition, miscellaneous goods and services account for 3.7%, communications accounts for 3.1%, recreation and culture accounts for 2.4%, and tobacco and related products account for 2.2%.
A higher than expected figure should be seen as positive (bullish) for the EGP while a lower than expected figure should be seen as negative (bearish) for the EGP.
News (EGP)
Egypt Central Bank Lifts Interest Rates By 600 Bps In Surprise Move
Egypt's central bank decided to raise its interest rate by 600 basis points and to allow the currency exchange rate to be determined by market forces at an emergency meeting on Wednesday, citing high inflation. The Monetary Policy Committee of the Central Bank of Egypt lifted the overnight deposit rate to 27.25 percent and the overnight lending rate to 28.25 percent.
RTTNews | 58 days ago
