Beltone Financial in Al Arabiya: Egypt’s impact on global inflation has not yet begun

Alia Mamdouh, chief economist at Beltone Financial, said in an interview with Al-Arabiya that Egypt’s impact on global inflation has not yet begun, explaining that in October there is an increase in household expenses for school entry, and this is reflected in local inflation rate in the regions.

Mamdouh had expected a larger rise in the consumer goods and services price index, starting early next year, noting Inflation levels in October that come after having recorded annual highs in the month of September.

The Central Bank of Egypt said today Wednesday that the core inflation rate rose to 5.2% yoy in October, from 4.8% in September.

According to the Central Agency for Public Mobilization and Statistics, the increase in inflation in October occurred on an annual basis, mainly due to the sharp rise in food prices.

Regarding the Egyptian budget deficit, Mamdouh said that the absence of precautionary contracts for wheat and oil will affect the value of the deficit, and therefore the bread subsidy, which absorbs a large part of the support. in nature in the budget, will be sought after.

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