Egypt Inflation Accelerates, Still Below Central Bank Target

Egypt Inflation Accelerates, Still Below Central Bank Target

CAIRO (Capital Markets in Africa) — Egypt’s headline inflation accelerated at its fastest pace since December but remained below the target range, making rising global bond yields a more important factor in next week’s rate decision. The annual inflation rate climbed to 4.5% in February from 4.3% in January after two consecutive months of deceleration. On a monthly basis, consumer prices inched up 0.2%, the state-run statistics agency CAPMAS said Wednesday in a report. Egypt’s…

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Business Leaders Sound Unfamiliar Note in Zimbabwe: Optimism

Business Leaders Sound Unfamiliar Note in Zimbabwe: Optimism

HARARE (Capital Markets in Africa) — Business executives are sounding decidedly upbeat in Zimbabwe, a sea change from the pessimism they’ve expressed through two decades of economic mismanagement and institutional decay. The southern African nation is reaping the benefits of a commodities boom and good summer rains that are bolstering farm output. A series of reforms spearheaded by Finance Minister Mthuli Ncube is also starting to bear fruit, with the economic-growth outlook improving markedly and…

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Africa’s Largest Economy Unexpectedly Exits Recession

Africa’s Largest Economy Unexpectedly Exits Recession

LAGOS (Capital Markets in Africa) — Nigeria’s economy unexpectedly came out of a recession in the fourth quarter as restrictions to curb the spread of the coronavirus were eased. The Gross domestic product grew 0.11% in the three months through December from a year earlier, compared with a decline of 3.6% in the third quarter, the Abuja-based National Bureau of Statistics said on its website on Thursday. The median estimate of five economists in a…

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More African Nations Seen Tapping G-20 Debt Plan on Revenue Drop

More African Nations Seen Tapping G-20 Debt Plan on Revenue Drop

LAGOS (Capital Markets in Africa) — The economic damage wrought by the coronavirus will probably lead more African nations to seek debt restructuring, the head of the United Nations Economic Commission for Africa said. Chad last month became the first state in Africa to request relief under a Group of 20 initiative to help countries cope with the economic fallout from the pandemic. Ethiopia applied two days later, followed by Zambia, which last year became…

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U.K. Economy Caps Worst Year Since 1709 With a Surprising Surge

U.K. Economy Caps Worst Year Since 1709 With a Surprising Surge

LONDON (Capital Markets in Africa) — The U.K. economy grew at double the pace expected in the fourth quarter, showing signs of resilience to coronavirus restrictions at the end of a year that delivered the worst recession since 1709. Figures published Friday to add some weight to the Bank of England’s view that while the economy will likely shrink in the first three months of the year, a successful vaccine rollout and a surge in…

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Egyptian Inflation Slows, Giving Scope for Interest-Rate Cut

Egyptian Inflation Slows, Giving Scope for Interest-Rate Cut

CAIRO (Capital Markets in Africa) — Egyptian inflation slowed for a second month, giving the central bank more leeway to make its first interest-rate cut since November. Consumer prices in urban parts of Egypt grew an annual 4.3% in January, compared with 5.4% in December, the state-run statistics agency CAPMAS said Wednesday. The slowdown was driven by a decline in food and beverage prices, the single largest component of the inflation basket, which dropped 0.5%…

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NIGERIA PREVIEW: Renewed Growth Risks Top Inflation Concerns

NIGERIA PREVIEW: Renewed Growth Risks Top Inflation Concerns

LAGOS (Capital Markets in Africa) — The Central Bank of Nigeria is likely to keep rates on hold on today as it bids to support the recovery amid the second wave of Covid-19 infections. Inflation is surging, but policymakers view the above-target rate as unavoidable, with supply bottlenecks being amplified by the pandemic. The rate decision is expected at 1 p.m. London time. Activity in Nigeria has shown signs of improvement since the gradual opening…

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