Arab Finance: S&P Global Ratings is projecting a further devaluation of the Egyptian pound to be traded at 37 per US dollar by the end of 2023, up from 30.9, Asharq Business reported, citing a report by the agency.

The rating agency is also anticipating a rise in Egypt’s annual headline urban inflation rate after registering a new record of 36.5% in July.

Several factors will push prices higher in the coming period, including the increase in electricity bills, seasonal amendment to education costs in October, demand squeeze, and potential local currency devaluation, the agency stated.

Moreover, it projects a continuing pressure on wheat and rice prices and, thus, persisting food inflation.

This could force the government to delay price increase for some commodities, including fuel and telecommunication services, until the beginning of 2024.

Hence, Egypt’s annual core inflation is forecast to reach its peak at 39% in October before falling to 35% by the end of 2023 and 20% in 2024, the agency reported.

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