The Clap
The purchasing managers’ index rose from 46.9 points in April 2022 to 47 points in May 2022.
The deets
The report indicated that hyperinflation led to a sharp drop in demand and an increase in business expenditures.
The report also indicated that production costs increased to their highest level in 6 months, due to the increase in prices globally and the depreciation of the pound against the dollar, in addition to the ban on a number of imported goods.
Why this matters
Although the index increased in May, inflationary pressures and currency devaluation continue to restrict non-oil private sector activity in Egypt.
