Egypt’s annual inflation falls to 6.3% in Oct from 6.6% in Sept By Reuters

© Reuters. FILE PHOTO: A general view of houses, resident towers, banks and hotels in Cairo, Egypt, November 9, 2020. REUTERS/Amr Abdallah Dalsh


DUBAI (Reuters) -Egypt’s annual urban consumer price inflation slid to 6.3% in October from 6.6% in September, the country’s statistics agency CAPMAS said on Wednesday.

Month-on-month inflation climbed to 1.5% from 1.1% in September.

The month-on-month increase was led 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, Allen Sandeep of Naeem Brokerage wrote.

“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 said.

Red meat and poultry prices jumped by 4.6%, milk, cheese and eggs by 2.9% fish and seafood by 1.3%, he added.

Disclaimer: Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. All CFDs (stocks, indexes, futures) and Forex prices are not provided by exchanges but rather by market makers, and so prices may not be accurate and may differ from the actual market price, meaning prices are indicative and not appropriate for trading purposes. Therefore Fusion Media doesn`t bear any responsibility for any trading losses you might incur as a result of using this data.

Fusion Media or anyone involved with Fusion Media will not accept any liability for loss or damage as a result of reliance on the information including data, quotes, charts and buy/sell signals contained within this website. Please be fully informed regarding the risks and costs associated with trading the financial markets, it is one of the riskiest investment forms possible.

Source link

Share Market Today