Egypt's annual headline inflation rate decreased to 23.4 per cent in December, down from 25 per cent in November, with the expectation that the worst impact of recent price hikes for fuel, electricity and other items may have passed.
The decline in inflation was mainly attributed to a drop in the prices of vegetables by 14 per cent, a 0.7 per cent decrease in dairy, cheese and eggs as well as a 0.6 per cent drop in fish and seafood, the Central Agency for Public Mobilisation and Statistics (Capmas) reported on Thursday.
However, price increases were observed in telephone and fax services (11 per cent), fruit (7.5 per cent) and medical products, devices, and equipment (5.5 per cent).
On a monthly basis, the headline inflation rate was flat in December, compared to a 0.1 per cent decline in November, indicating a stabilisation in prices.
The latest figures follow a decrease in the annual headline inflation rate in November from 26.3 per cent in October, ending a three-month streak of increases.
The slowdown, despite inflation remaining high, might allow the Central Bank of Egypt to consider reducing interest rates in the coming months to support economic growth.
Egypt is navigating economic challenges and implementing reforms as part of its $8 billion loan agreement with the International Monetary Fund. In December, the country reached a staff-level agreement with the IMF for a $1.2 billion disbursement, bringing total funding under the programme to $4.4 billion.
The IMF deal, which aims to restore macroeconomic stability and promote sustainable growth, requires Egypt to implement a flexible exchange rate regime, reduce fiscal deficits and strengthen social protection measures.
The government has already taken steps such as allowing the Egyptian pound to depreciate and gradually phasing out fuel and food subsidies.
The Central Bank of Egypt has set a target inflation rate of 7 per cent by the end of 2025 and is scheduled to review interest rates on January 20.
Egypt has faced numerous challenges over the past five years, including the Covid-19 pandemic, impact from geopolitical tensions from wars in Gaza and Russia-Ukraine as well as global economic challenges.
The IMF has urged for the country to speed up reforms to improve the business environment, cut down the state's part in the economy and increase private sector confidence to attract foreign investment.
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The more serious side of specialty coffee
While the taste of beans and freshness of roast is paramount to the specialty coffee scene, so is sustainability and workers’ rights.
The bulk of genuine specialty coffee companies aim to improve on these elements in every stage of production via direct relationships with farmers. For instance, Mokha 1450 on Al Wasl Road strives to work predominantly with women-owned and -operated coffee organisations, including female farmers in the Sabree mountains of Yemen.
Because, as the boutique’s owner, Garfield Kerr, points out: “women represent over 90 per cent of the coffee value chain, but are woefully underrepresented in less than 10 per cent of ownership and management throughout the global coffee industry.”
One of the UAE’s largest suppliers of green (meaning not-yet-roasted) beans, Raw Coffee, is a founding member of the Partnership of Gender Equity, which aims to empower female coffee farmers and harvesters.
Also, globally, many companies have found the perfect way to recycle old coffee grounds: they create the perfect fertile soil in which to grow mushrooms.
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A new relationship with the old country
Treaty of Friendship between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates
The United kingdom of Great Britain and Northern Ireland and the United Arab Emirates; Considering that the United Arab Emirates has assumed full responsibility as a sovereign and independent State; Determined that the long-standing and traditional relations of close friendship and cooperation between their peoples shall continue; Desiring to give expression to this intention in the form of a Treaty Friendship; Have agreed as follows:
ARTICLE 1 The relations between the United Kingdom of Great Britain and Northern Ireland and the United Arab Emirates shall be governed by a spirit of close friendship. In recognition of this, the Contracting Parties, conscious of their common interest in the peace and stability of the region, shall: (a) consult together on matters of mutual concern in time of need; (b) settle all their disputes by peaceful means in conformity with the provisions of the Charter of the United Nations.
ARTICLE 2 The Contracting Parties shall encourage education, scientific and cultural cooperation between the two States in accordance with arrangements to be agreed. Such arrangements shall cover among other things: (a) the promotion of mutual understanding of their respective cultures, civilisations and languages, the promotion of contacts among professional bodies, universities and cultural institutions; (c) the encouragement of technical, scientific and cultural exchanges.
ARTICLE 3 The Contracting Parties shall maintain the close relationship already existing between them in the field of trade and commerce. Representatives of the Contracting Parties shall meet from time to time to consider means by which such relations can be further developed and strengthened, including the possibility of concluding treaties or agreements on matters of mutual concern.
ARTICLE 4 This Treaty shall enter into force on today’s date and shall remain in force for a period of ten years. Unless twelve months before the expiry of the said period of ten years either Contracting Party shall have given notice to the other of its intention to terminate the Treaty, this Treaty shall remain in force thereafter until the expiry of twelve months from the date on which notice of such intention is given.
IN WITNESS WHEREOF the undersigned have signed this Treaty.
DONE in duplicate at Dubai the second day of December 1971AD, corresponding to the fifteenth day of Shawwal 1391H, in the English and Arabic languages, both texts being equally authoritative.
Signed
Geoffrey Arthur Sheikh Zayed
