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Thndr Claps » EGY Claps » JP Morgan sees Egyptian inflation peaking in August 2023 🗻

JP Morgan sees Egyptian inflation peaking in August 2023 🗻

by Ziad Amin
May 12, 2022

The Clap
JP Morgan’s report expects the CBE to raise interest rates by 1.25% in its meeting on May 19th.

The deets
JP Morgan attributed its forecast to the jump in the inflation rate witnessed in 

April 2022, as it rose to 13.1% YoY, compared to 10.5% YoY in March. This was due to the rise in food prices during Ramadan.

The report expects the average headline inflation to be 8.9% during the fiscal year 2022, and to rise to 13.9% during the fiscal year 2023, peaking at 17% by August 2023.

As a result, the report expects the CBE to continue raising the deposit rate throughout 2022, reaching 12.75% by year’s end. 

Backstory
Last March, the CBE raised the interest rate by 1% in an extraordinary meeting to reach 9.25% for deposits.

For the full JP Morgan report, click here.

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