According to an IMF report, Egypt is showing signs of recovery, with a better inflation rate and positive results of the unification of the exchange rate.
Browsing: inflation
Inflation is declining, while the country cuts subsidies in a bid to battle a budget deficit.
Central Bank expects inflation to fall below year-on-year 7% in the second half of 2024 and continue to gradually ease.
The central bank bumped its 2024 economic growth forecast despite the historic floods in Brazil’s southernmost state of Rio Grande do Sul that caused a significant downturn.
Two Egyptian banks have issued new savings certificates with a 25% yield after one year. The move come against a backdrop of a shortage in US dollars in the domestic market, rising inflation and devaluation of the Egyptian pound.
The Arab country recorded a lower price increase in May compared to April. Transport prices have decreased. There was also deflation in clothing and footwear.
An IMF report points out that the Arab country is seeing an economic recovery due to policy actions to mitigate the impact of the pandemic and support households, as well as increased hydrocarbon prices.
According to the IMF, products such as food have been strongly impacted by inflation in the Middle East and North Africa region.
Global surging prices are caused primarily by the pandemic and the conflict in Ukraine. But challenges unique to Brazil contribute to a situation of high prices and high interest rates as well as a slow rebound of the economy.
Gulf Cooperation Council Statistical Center projects a higher price rise this year compared to 2020.
Vegetable and meat prices saw the highest jumps.
The Ministry of Economy said this Wednesday (17) that it is sticking by its 2021 GDP growth forecast. Whole-year inflation expectation was revised up on the back of food prices.
Food prices are still high a year into the pandemic in Brazil. Meat, maize and wheat costs kept climbing in February. As for the Arab countries, food inflation is plaguing the likes of Lebanon, Sudan and Yemen.
Financial institutions polled by the Brazilian Central Bank expect inflation to be 3.20% this year in Brazil, down from last week’s 3.22% estimate.
