Search Site

Trends banner

Eni profit falls due to dip in oil prices

Q2 net profit fell by 18% to $637 million.

Emirates NBD H1 profit $3.40bn

Total income rose by 12 percent in the same period.

ADIB H1 pre-tax profit $1.08bn

Q2 pre-tax net profit increases by 14 percent.

AstraZeneca to invest $50bn in US

Bulk of funds to go into a Virginia manufacturing center.

UAB net profit up by 50% for H1

Total assets increase by 11 percent.

Egypt’s food inflation to get worse as economy revs up

    • Egypt’s inflation accelerated to a 5-month high of 4.8 percent year-on-year in May

    • Global food import costs are expected to rise 12 percent in 2021

    Egypt will see another round of worse food inflation as economic activity gains momentum, according to Abu Dhabi Commercial Bank. The warning was sounded while the United Nations Food Agency predicts a double-digit spike in global food import costs this year.

    Egypt’s inflation accelerated to a five-month high of 4.8 percent year-on-year in May, up from 4.1 percent the previous month, with the jump largely driven by food prices, the Abu Dhabi-based bank said in a weekly note to clients, reported Arab News.

    The three-month moving average for food price inflation is now at its highest level for at least two years. “We expect to see more upward inflationary pressure in the coming months with further increases in food prices,” ADCB said. ‘“Despite this, inflation remains below the Central Bank of Egypt’s (CBE) target range and overall we see upward inflationary pressures as being broadly contained.”

    ADCB expects the CBE to keep interest rates on hold at its June 17 meeting with the lending rate remaining at 9.25 percent and the deposit rate at 8.25 percent.

    Rising food costs represent a concern for several Arab economies that rely heavily on imports. Global food import costs are expected to rise 12 percent in 2021 to a record due to surging commodity prices, the Food and Agriculture Organization (FAO) said last week.