Egypt's inflation rate dropped sharply last month, suggesting the impact of the country's 2016 currency devaluation, which had stoked record gains in consumer prices, is starting to subside.
The North African country's urban consumer price index eased to 21.9 per cent in December from 26 per cent in November, according to Capmas, the country's statistics agency.
Finance Minister Amr El Garhy told Reuters that inflation is set to drop below 20 per cent in February, and is forecast to fall to 10-12 per cent by the end of the year. Inflation is forecast to fall below 10 per cent in 2019, he predicted.
"It's a better than good indication and puts us on a good path," said El Garhy.
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Read More:
Egypt PMI rises in November, reversing 25 months of decline
IMF forecasts economic recovery for Middle East economies in 2018
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After Egypt devalued its currency in November 2016, the rate of inflation rose as high as 35 per cent. The impact of the devaluation was compounded by a reduction in energy subsidies, together with a looser monetary policy, which were required for the country to tap a $12 billion loan from the IMF.
Economists have been encouraged by steps the government has taken to put the economy on a sustainable path of growth, following years of decline in the wake of political chaos that has seen two uprisings that ended with the removal of two presidents.
The economic storm prompted by the country's political unrest depleted foreign exchange reserves, as the central bank artificially propped up the value of the Egyptian pound. This in turn lead to a shortage of hard currency needed for importing raw materials and machinery vital for the country.
"The drop in Egypt's inflation is in line with our expectations and largely reflects the high-base effect from the forex liberalization just over a year ago," said Bilal Khan, Dubai-based senior economist for the Middle East and North Africa and Pakistan at Standard Chartered.
"Yet, the latest data are also encouraging on a monthly level. If the trajectory is sustained, we think headline inflation could moderate to around 10 per cent before falling to the single digits by 2019. Nevertheless, we note that further subsidy cuts are needed to bring Egypt closer to cost recovery on a range of energy products - a key aspect of fiscal consolidation under the IMF program. This could put upward pressure on headline inflation later in the year."
Getting there
Flydubai flies direct from Dubai to Tbilisi from Dh1,025 return including taxes
UAE currency: the story behind the money in your pockets
Captain Marvel
Director: Anna Boden, Ryan Fleck
Starring: Brie Larson, Samuel L Jackson, Jude Law, Ben Mendelsohn
4/5 stars
Ticket prices
- Golden circle - Dh995
- Floor Standing - Dh495
- Lower Bowl Platinum - Dh95
- Lower Bowl premium - Dh795
- Lower Bowl Plus - Dh695
- Lower Bowl Standard- Dh595
- Upper Bowl Premium - Dh395
- Upper Bowl standard - Dh295
Call of Duty: Black Ops 6
Developer: Treyarch, Raven Software
Publisher: Activision
Console: PlayStation 4 & 5, Windows, Xbox One & Series X/S
Rating: 3.5/5
Is it worth it? We put cheesecake frap to the test.
The verdict from the nutritionists is damning. But does a cheesecake frappuccino taste good enough to merit the indulgence?
My advice is to only go there if you have unusually sweet tooth. I like my puddings, but this was a bit much even for me. The first hit is a winner, but it's downhill, slowly, from there. Each sip is a little less satisfying than the last, and maybe it was just all that sugar, but it isn't long before the rush is replaced by a creeping remorse. And half of the thing is still left.
The caramel version is far superior to the blueberry, too. If someone put a full caramel cheesecake through a liquidiser and scooped out the contents, it would probably taste something like this. Blueberry, on the other hand, has more of an artificial taste. It's like someone has tried to invent this drink in a lab, and while early results were promising, they're still in the testing phase. It isn't terrible, but something isn't quite right either.
So if you want an experience, go for a small, and opt for the caramel. But if you want a cheesecake, it's probably more satisfying, and not quite as unhealthy, to just order the real thing.
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COMPANY%20PROFILE
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The specs: 2018 Maxus T60
Price, base / as tested: Dh48,000
Engine: 2.4-litre four-cylinder
Power: 136hp @ 1,600rpm
Torque: 360Nm @ 1,600 rpm
Transmission: Five-speed manual
Fuel consumption, combined: 9.1L / 100km
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Business Insights
- Canada and Mexico are significant energy suppliers to the US, providing the majority of oil and natural gas imports
- The introduction of tariffs could hinder the US's clean energy initiatives by raising input costs for materials like nickel
- US domestic suppliers might benefit from higher prices, but overall oil consumption is expected to decrease due to elevated costs
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SPECS
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A timeline of the Historical Dictionary of the Arabic Language
- 2018: Formal work begins
- November 2021: First 17 volumes launched
- November 2022: Additional 19 volumes released
- October 2023: Another 31 volumes released
- November 2024: All 127 volumes completed
Squid Game season two
Director: Hwang Dong-hyuk
Stars: Lee Jung-jae, Wi Ha-joon and Lee Byung-hun
Rating: 4.5/5
Killing of Qassem Suleimani
