Egypt’s annual headline inflation broke another record in August, rising to 37.4 per cent from 36.5 per cent the previous month, driven by higher food prices, data from the country’s statistics agency Capmas showed on Sunday.
Vegetables recorded the highest price increase of 22.4 per cent during the month, the agency said.
Higher levels of consumption, which are typically recorded in summer, in addition to increased production costs, were the main reasons for the surge in food prices, according to Naeem Brokerage.
August’s inflation reading was slightly below the 37.6 per cent estimated by the firm, it said.
On a monthly basis, the country’s inflation rate slowed slightly to 1.6 per cent from 1.9 per cent in July.
Though price increases, mostly small, were recorded across the food and beverages category, prices of breads and cereals dropped by 1.1 per cent in August compared to the previous month. Meat and poultry prices dropped by 2.5 per cent.
The lowest increase recorded in the food and beverages basket, which accounts for 37.4 per cent of the country’s urban consumer price index, were in fish and seafood items, whose prices increased by 0.2 per cent month-on-month.
Overall, food and beverage prices rose by 71.9 per cent in August compared to the same month last year, according to Capmas.
Tobacco prices, which surged in July by 8 per cent month-on-month, witnessed a slower rise of 5.8 per cent in August, Capmas data showed.
Naeem Brokerage said August’s inflation readings for the Arab world’s third-largest economy were largely in line with analysts' expectations.
The firm reiterated what other financial firms, such as Goldman Sachs, had predicted for the Egyptian economy, namely that inflation would remain elevated until the fourth quarter and cool off in 2024 provided there are no major shifts in the Egyptian pound's exchange rate.
Naeem Brokerage expects the country’s inflation rate to drop below 35 per cent in October of this year due to a high base effect.
Egypt has devalued its currency three times since March 2022 and the pound has lost over half its value since then.
Additionally, a dollar crunch has hindered much of the country’s industries, which rely heavily on imported components.
GOLF’S RAHMBO
- 5 wins in 22 months as pro
- Three wins in past 10 starts
- 45 pro starts worldwide: 5 wins, 17 top 5s
- Ranked 551th in world on debut, now No 4 (was No 2 earlier this year)
- 5th player in last 30 years to win 3 European Tour and 2 PGA Tour titles before age 24 (Woods, Garcia, McIlroy, Spieth)
Keep it fun and engaging
Stuart Ritchie, director of wealth advice at AES International, says children cannot learn something overnight, so it helps to have a fun routine that keeps them engaged and interested.
“I explain to my daughter that the money I draw from an ATM or the money on my bank card doesn’t just magically appear – it’s money I have earned from my job. I show her how this works by giving her little chores around the house so she can earn pocket money,” says Mr Ritchie.
His daughter is allowed to spend half of her pocket money, while the other half goes into a bank account. When this money hits a certain milestone, Mr Ritchie rewards his daughter with a small lump sum.
He also recommends books that teach the importance of money management for children, such as The Squirrel Manifesto by Ric Edelman and Jean Edelman.
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SHAITTAN
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Sept 15: Bangladesh v Sri Lanka (Dubai)
Sept 16: Pakistan v Qualifier (Dubai)
Sept 17: Sri Lanka v Afghanistan (Abu Dhabi)
Sept 18: India v Qualifier (Dubai)
Sept 19: India v Pakistan (Dubai)
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Fatima Al Darmaki is an Emirati widow with three children
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Quick pearls of wisdom
Focus on gratitude: And do so deeply, he says. “Think of one to three things a day that you’re grateful for. It needs to be specific, too, don’t just say ‘air.’ Really think about it. If you’re grateful for, say, what your parents have done for you, that will motivate you to do more for the world.”
Know how to fight: Shetty married his wife, Radhi, three years ago (he met her in a meditation class before he went off and became a monk). He says they’ve had to learn to respect each other’s “fighting styles” – he’s a talk it-out-immediately person, while she needs space to think. “When you’re having an argument, remember, it’s not you against each other. It’s both of you against the problem. When you win, they lose. If you’re on a team you have to win together.”
Company profile
Name: Fruitful Day
Founders: Marie-Christine Luijckx, Lyla Dalal AlRawi, Lindsey Fournie
Based: Dubai, UAE
Founded: 2015
Number of employees: 30
Sector: F&B
Funding so far: Dh3 million
Future funding plans: None at present
Future markets: Saudi Arabia, potentially Kuwait and other GCC countries
Results
Women finals: 48kg - Urantsetseg Munkhbat (MGL) bt Distria Krasniqi (KOS); 52kg - Odette Guiffrida (ITA) bt Majlinda Kelmendi (KOS); 57kg - Nora Gjakova (KOS) bt Anastasiia Konkina (Rus)
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Health Valley
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Water waste
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Artist: Linkin Park
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Rating: 4/5
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Saturday September 12
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Monday September 14
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Sheffield United v Wolves
To be rescheduled
Burnley v Manchester United
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The specs: 2017 Porsche 718 Cayman
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The Birkin bag is made by Hermès.
It is named after actress and singer Jane Birkin
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Five ways to get fit like Craig David (we tried for seven but ran out of time)
Start the week as you mean to go on. So get your training on strong on a Monday.
Train hard, but don’t take it all so seriously that it gets to the point where you’re not having fun and enjoying your friends and your family and going out for nice meals and doing that stuff.
Think about what you’re training or eating a certain way for — don’t, for example, get a six-pack to impress somebody else or lose weight to conform to society’s norms. It’s all nonsense.
Get your priorities right.
And last but not least, you should always, always chill on Sundays.
