Egypt’s inflation hits 4-year high amid surge in food prices
Egypt’s inflation hits 4-year high amid surge in food prices/node/2158786/business-economy
Egypt’s inflation hits 4-year high amid surge in food prices
The annual inflation rate in the North African country rose to 15.3 percent compared to 6.4 percent in the same month of 2021, according to the Central Agency for Public Mobilization and Statistics.
Egypt’s inflation hits 4-year high amid surge in food prices
Updated 08 September 2022
Arab News
RIYADH: Inflation in Egypt rose to a four-year high in August mainly driven by a rise in food and beverage prices.
The annual inflation rate in the North African country rose to 15.3 percent compared to 6.4 percent in the same month of 2021, according to the Central Agency for Public Mobilization and Statistics.
Last July, the annual inflation rate was recorded at 14.6 percent. Annual urban consumer inflation rose to 14.6 percent year-on-year in August, up from 13.6 percent year-on-year in July, official data showed.
The inflation figures came in line with investment banks’ estimates, which expected it to range between 14.4 percent and 14.6 percent on an annual basis, according to Asharq.
Youssef El-Banna, a financial analyst at Naeem Capital, said the rise “is due to the increase in the prices of vegetables, grains and oils,” Asharq reported.
“This is the highest level of inflation in Egypt’s cities since November 2018, when the figures reached 15.7 percent,” he added.
In July 2022, the Egyptian government raised the price of diesel for the first time since July 2019, by about 50 piasters to 7.25 Egyptian pounds per liter.
The hike in diesel price was expected to push inflation in the country to new levels. The country has also seen prices of all three types of gasoline rise six times.
The Central Bank of Egypt on Monday sold three-month treasury bills at an all-time high value, amounting to 61.8 billion Egyptian pounds ($3.2 billion), in an auction.
The central bank data revealed that banks and institutions offered an amount of 170.8 billion Egyptian pounds for the short-term bills in the tender, according to Arabic newspaper Asharq.
The bank issues periodic weekly bids on behalf of the Ministry of Finance in order to finance the country’s general budget deficit.
This happens as the world’s largest wheat importer is intensifying its efforts to confront the challenges posed by the coronavirus pandemic as well as the Russia-Ukraine crisis.
Egypt has been hit hard by the soaring oil and commodity prices, with the Egyptian pound devaluing against the dollar.
GCC chambers plan Gulf Guarantee project to boost intra-regional trade
Updated 16 February 2026
Abdulaziz Al-Faki - ALEQTISADIAH
DAMMAM: The Federation of GCC Chambers, in cooperation with the Customs Union Authority, intends to launch the Gulf Guarantee Project to provide a unified mechanism for exports and trade transactions and to enhance the efficiency of intra-GCC trade, which reached about $146 billion by the end of 2024, Saleh Al-Sharqi, Secretary-General of the federation, told Al-Eqtisadiah.
Al-Sharqi said, on the sidelines of his meeting with media representatives at the federation’s headquarters in Dammam, that the initiative represents a qualitative leap in supporting intra-GCC trade by facilitating transit movement through a single point, contributing to cost reduction, accelerating the flow of goods, and enhancing the reliability of trade operations among Gulf markets.
Saleh Al-Sharqi, Secretary-General of the Federation of GCC Chambers. Al-Eqtisadiah
He explained that the federation recently launched a package of strategic initiatives, including the Tawasul initiative aimed at strengthening communication among Gulf business owners and supporting the building of trade and investment partnerships, in addition to the Gulf Business Facilitation initiative, which seeks to address challenges facing Gulf investors and traders, simplify procedures, and improve the business environment across member states.
He noted that these initiatives fall within an integrated vision to address obstacles hindering investment and intra-regional trade flows by developing regulatory frameworks, activating communication channels between the public and private sectors, and supporting Gulf economic integration in line with the objectives of the Gulf Common Market.
In a related context, the Secretary-General affirmed the direction of GCC countries to leverage artificial intelligence technologies to support trade and investment flows, stressing the importance of establishing a unified Gulf committee for artificial intelligence to coordinate efforts and exchange expertise among member states. He said the federation will support this direction in the coming phase, drawing on leading international experiences, particularly the Chinese experience in this field.
Regarding the recently announced electric railway project between Riyadh and Doha, Al-Sharqi revealed that technical and advisory committees are working to complete the necessary studies for the project, confirming that it will positively impact passenger and freight movement between the two countries, enhance Gulf logistical integration, and support regional supply chains.
On investment opportunities available to Gulf nationals in the Syrian market, he said the federation is coordinating with private sector representatives in Syria to overcome obstacles that may face the flow of Gulf investments, in addition to working to provide adequate guarantees to protect these investments and ensure a stable and attractive investment environment.
In response to a question from Al-Eqtisadiah about the impact of tariffs imposed by the US on imports of iron, steel, and aluminum, he said that economic and technical committees in GCC countries are continuously monitoring the repercussions of these tariffs on the Gulf private sector, assessing their effects, and taking the necessary measures to protect it from any potential negative impacts.
Al-Sharqi also pointed to the launch of two specialized committees in the transport and logistics sectors and in real estate activities, given their pivotal role and active contribution to Gulf gross domestic product, stressing that developing these two sectors is a fundamental pillar for enhancing economic diversification and increasing the competitiveness of GCC economies.
He added that during the past year the federation held more than 40 meetings and official engagements with Gulf and international entities, participated in nine regional and international events to strengthen the presence of the Gulf private sector on the global stage, and signed 12 agreements and memoranda of understanding with Gulf, regional, and international entities to open new horizons for economic and investment cooperation.
During the same year, the federation launched four digital platforms to support the Gulf private sector, bringing the total number of its digital platforms to eight serving the business community across member states.
The Secretary-General affirmed that the federation will continue working with relevant economic entities to unify procedures and regulations, reduce non-tariff barriers, and accelerate mutual recognition of products and standard specifications, in a way that enhances the competitiveness of the Gulf economy and supports the growth of intra-GCC trade.
