Inflation rose to 6.6% in September from 5.7% in August. According to CAPMAS, the increase comes mainly as a result of price increases in food & beverage and education, which rose 13.1% & 29.8%, respectively.
Should we be concerned😟: According to Al Borsa Newspaper, head of research at EFG Hermes Mohamed Abu Basha said that the rise in inflation is not worrying and most of it is due to the increase in vegetable prices, which rose by 38.1%. He ruled out the possibility of the central bank resorting to raising interest rates, given that the increase is seasonal and not alarming, even if the US Federal Reserve began a program to reduce assets, according to Al Borsa newspaper.
The government is keeping a close eye👁🗨: Prime Minister Mostafa Madbouly held a meeting to discuss scenarios for facing the impact of global economic fluctuations on domestic prices and setting strategies to deal with them. Minister of Planning Hala El Saeed said that the rise in inflation rates is caused by the transmission of the impact of high inflation globally. She pointed out that in exceptional circumstances, countries of the world cannot set economic forecasts for long periods due to uncertainty, which is why all economic indicators, including growth & unemployment rates, are reviewed every two months to develop scenarios to deal with each change separately.
