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.
Browsing: inflation
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.
The rate is the lowest for the month since the implementation of Plano Real in 1994.
Financial institutions have reduced their estimate for the National Extended Consumer Price Index (IPCA) from last week’s 3.58% to 3.56%.
The forecast regarding the National Extended Consumer Price Index slid from 3.60% to 3.58% as per the Central Bank’s poll with financial institutions.
The Extended National Consumer Price Index (IPCA) changed by 4.31%, above the Central Bank’s goal of 4.25%, but within its tolerance margin.