ArabFinance: The S&P Global Egypt Purchasing Managers' Index (PMI) for the non-oil private sector shrank in December for the 25th straight month, according to a survey posted on January 4th.

The index rose to 47.2 in December from 45.4 in November, but was still below the 50 threshold that marks growth in activity.

The sub-index for output improved to 44.8 from 40.8 in November and that for new orders rose to 45.5 from 41.4.

"According to survey panelists, lower activity generally reflected weak demand conditions, as rising prices led customers to make additional cuts to spending," S&P Global said.

The PMI's sub-index for overall input prices dropped to 65.0 from November's 72.4 and that for purchase prices slipped to 64.3 from 72.4.

"Cost concerns led firms to reduce their headcounts and deplete input inventories in December, leading to an additional rise in backlogs of work," said S&P Global economist David Owen.

The sub-index for future output expectations improved to 56.9 from 55.7 in November. It was the highest reading since June.

Egypt's annual headline inflation rate rose to 19.2% in November 2022, CAPMAS reported in December.