CAIRO: Egypt’s annual urban consumer inflation accelerated to 4.9 percent in June from 4.8 percent in May, official statistics agency CAPMAS said on Thursday, a slower pace of increase than expected.
Month-on-month inflation slowed to 0.2 percent from 0.7 percent in May, the agency said.
A slowdown in monthly inflation of food items was behind the latest figures, Allen Sandeep of Naeem Brokerage said.
However, inflation could pick up in July and August after an average 15 percent increase in power prices from this month and the likelihood of a fuel price hike, he added.
Egypt’s central bank has set an inflation rate target of 7 percent, plus or minus 2 percentage points.
“The numbers are lower than expected and also lower than the central bank’s target, especially in light of the rise in global commodity prices,” Radwa El-Swaify of Pharos Securities Brokerage said.
The central bank last cut interest rates in November, and holds its next interest rate meeting on Aug. 5.
Egypt’s headline inflation up slightly at 4.9 percent in June
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Egypt’s headline inflation up slightly at 4.9 percent in June
- Egypt’s central bank has set an inflation rate target of 7 percent, plus or minus 2 percentage points
Closing Bell: Saudi main index slips to close at 11,228
RIYADH: Saudi Arabia’s Tadawul All Share Index slipped on Sunday, lost 23.17 points, or 0.21 percent, to close at 11,228.64.
The total trading turnover of the benchmark index was SR2.99 billion ($797 million), as 170 of the stocks advanced and 82 retreated.
On the other hand, the Kingdom’s parallel market Nomu gained 449.38 points, or 1.90 percent, to close at 24,093.12. This comes as 43 of the stocks advanced while 27 retreated.
The MSCI Tadawul Index lost 6.07 points, or 0.40 percent, to close at 1,511.36.
The best-performing stock of the day was Obeikan Glass Co., whose share price surged 7.54 percent to SR27.66.
Other top performers included Alamar Foods Co., whose share price rose 6.80 percent to SR47.10, as well as Saudi Kayan Petrochemical Co., whose share price climbed 6.79 percent to SR5.66.
Saudi Investment Bank recorded the steepest drop, falling 3.21 percent to SR13.56.
Jahez International Co. for Information System Technology also saw its share price fall 3.15 percent to SR13.55.
Rabigh Refining and Petrochemical Co. declined 2.78 percent to SR7.34.
On the announcements front, Tanmiah Food Co. reported its annual financial results for the period ending Dec. 31. According to a Tadawul statement, the company recorded a net loss of SR18.8 million, compared with a net profit of SR95.8 million a year earlier.
The net loss was mainly due to ongoing market challenges that resulted in continued pricing pressures in fresh poultry, inflationary cost pressures, higher financing expenses, and depreciation and ramp-up costs from new facilities, partially offset by increased production volumes and cost-optimization initiatives.
Tanmiah Food Co. ended the session at SR58.20, up 3.72 percent.
United International Holding Co., also known as Tas’heel, announced its annual financial results for the period ending Dec. 31. A bourse filing showed the company recorded a net profit of SR273.64 million in 2025, up 23.05 percent from 2024, primarily driven by a 23.4 percent rise in revenues. The revenue growth helped lift gross profit by 23.7 percent.
Tas’heel ended the session at SR146.80, down 0.28 percent.
