Pre-Trading Thoughts

Annual urban inflation rate declined further in November to 34.6% from 35.8% in October, while monthly inflation accelerated to 1.3% in November from 1% the month before. Core inflation fell to 35.9% YoY in November from 38.1% the month prior. Meanwhile, monthly core inflation fell to 1% from 1.8%. All businesses pricing goods and services in foreign currency will now have to settle their VAT dues in FX after the Finance Ministry scrapped a rule that would have allowed them to pay in EGP. Egy...