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Hilbroy Advisory: Egypt inflation rises to 11.5 pct in March on food
Hilbroy Advisory: Egypt inflation rises to 11.5 pct in March on food
Several economists had expected an increase in the rate -- the most closely watched indicator of prices -- as a result of a weaker pound and imported inflation.
Montreal,
Quebec,
Canada
(prbd.net)
11/04/2011
Montreal, Quebec, April 8, 2011– Hilbroy Advisory Inc. (DeutcheBörse: 2H0) Hilbroy Advisory Reports: Urban consumer inflation in Egypt accelerated in the year to March to an 11-month high, pushed up by soaring food prices that contributed to the mass protests that eventually toppled President Hosni Mubarak.
Urban consumer inflation in Egypt rose to 11.5 percent in the 12 months to March, its highest level since April 2010, up from 10.7 percent in February. On a monthly basis, it increased to 1.4 percent in March from 0.1 percent in February.
Several economists had expected an increase in the rate -- the most closely watched indicator of prices -- as a result of a weaker pound and imported inflation.
Analysts say they expect the central bank to keep rates steady this month to support an economy reeling from the impact of the popular revolt. Hiking rates to combat food-driven inflation would have limited or no effect on overall prices.
"The month-on-month number is high but this is to be expected given rising global commodity prices, ongoing supply shortages and a weaker currency," said Liz Martins, economist at at HSBC Middle East.
"Going forward, these factors, alongside expansionary government spending and higher wages, will keep
Prices elevated."
Inflation in urban food and beverage prices, which account for 44 percent of the weighting of the basket Egypt uses to measure inflation, soared to 20.5 percent in the year to March, up from 18.2 percent in February.
Egypt, which relies on imports for at least half of its domestic consumption, is likely to suffer further food price inflation after the U.N. Food and Agriculture Organisation said global food prices could rebound as demand grows and supplies tighten.
Investment bank CI Capital said it expected urban inflation to rise to 11.9 percent in the year to April on higher oil and food prices. It forecast the rate would average 12.8 percent in 2011.
About Hilbroy Advisory Inc.
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
Our specialists will customize a service package that includes reviewing, identifying and recommending a series of specific action and tasks that help their clients’ management decisions when seeking
• Go Public strategy,
• Debt and or equity financing
• Identify prospective investors
• Hire investor relations firm
• Cross listing decisions
• Planning road-shows and promotional campaigns.
Hilbroy Advisory has established numerous international relationships over the years with Broker Dealers, Hedge Funds, Institutional Investors, High net worth Investors as well as with investor relations firms and consultants. These relationships are made available to all Hilbroy clients and our team will manage the relationships from introduction to post financing activities.
Contact:
Jean François Amyot
HilbroyAdvisory, Inc.
1400 rue Begin
Montreal, QC H4R 1X1
info@hilbroyadvisory.com
www.hilbroyadvisory.com
Tel: 514-334-3131
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All statements in this news release that are other than statements of historical facts are forward-looking statements, which contain our current expectations about our future results. Forward-looking statements involve numerous risks and uncertainties. We have attempted to identify any forward-looking statements by using words such as "anticipates", "believes", "could", "expects", "intends", "may", "should" and other similar expressions. Although we believe that the expectations reflected in all of our forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct.
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About
Hilbroy Advisory Inc. is a Canadian based advisory and consultancy services company founded in 2000. Our Company provides publicly traded and private companies, institutions and individuals with a series of advisory services enabling these companies to fully reach their corporate objectives and potential.
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