Reuters expected the inflation rate in Egyptian cities to rise to a new record high for the fourth consecutive month as imports continue to be disrupted due to the shortage of hard currency caused by the rise in the pound from its real value.
Reuters polled 18 analysts whose median forecast was that annual urban consumer inflation would rise to 37.6 percent from 37.4 percent in August. Inflation has been rising steadily since June, reaching a record high of 35.7 percent. The previous record high was recorded in July 2017, at 32.95 percent.
HC Securities expects inflationary pressures to continue given the shortage of foreign currency and its impact on the non-oil sector.
Source (Al-Raya Qatari Newspaper, Edited)
