Egypt's economy is currently facing a significant challenge as inflation reaches its highest level in history.

Data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that inflation soared to an annual rate of 36.5 per cent in July, marking a notable increase from the previous month's 35.7 per cent.

The primary factor driving this wave of inflation is the sharp and concerning rise in the costs of food and beverages, which have surged by an alarming 68.4 per cent.

In response to the surge in&nbsp;inflation, the Egyptian central bank has increased the main interest rate&nbsp;by 100 basis points to 19.25 per cent. Experts, including analysts at Goldman Sachs Group, have&nbsp;forecasted&nbsp;inflation&nbsp;to remain above 30 per&nbsp;cent for the rest of the year.

The inflationary pressure has been particularly acute in Egypt, partly due to the ongoing conflict in Ukraine. As a major global wheat importer, Egypt heavily relies on supplies from the Black Sea region.

Egypt's acute shortage of foreign currency has further aggravated the situation and three devaluations of the Egyptian pound since early 2022 have added to the inflationary pressure.&nbsp;

Additionally, country's government debt is projected to reach around 93 per cent of the GDP in 2023. To address these challenges, the International Monetary Fund granted a $3 billion bailout to Egypt in December 2022. As part of the IMF-imposed conditions, Egypt is&nbsp;currently privatising&nbsp;loss-making public assets.&nbsp;

Despite these challenging circumstances, there is a glimmer of optimism on the horizon. Some analysts anticipate a 'sharp decline' in inflation over the course of 2024, which could provide some relief to the struggling economy.

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Egypt's economy is currently facing a significant challenge as inflation reaches its highest level in history. Data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that inflation soared to an annual rate of 36.

Egypt's economy is currently facing a significant challenge as inflation reaches its highest level in history. Data from the state-run Central Agency for Public Mobilization and Statistics (CAPMAS) reveals that inflation soared to an annual rate of 36.5 per cent in July, marking a notable increase from the previous month's 35.7 per cent. The primary factor driving this wave of inflation is the sharp and concerning rise in the costs of food and beverages, which have surged by an alarming 68.4 per cent. In response to the surge in inflation, the Egyptian central bank has increased the main interest rate by 100 basis points to 19.25 per cent. Experts, including analysts at Goldman Sachs Group, have forecasted inflation to remain above 30 per cent for the rest of the year. The inflationary pressure has been particularly acute in Egypt, partly due to the ongoing conflict in Ukraine. As a major global wheat importer, Egypt heavily relies on supplies from the Black Sea region. Egypt's acute shortage of foreign currency has further aggravated the situation and three devaluations of the Egyptian pound since early 2022 have added to the inflationary pressure. Additionally, country's government debt is projected to reach around 93 per cent of the GDP in 2023. To address these challenges, the International Monetary Fund granted a $3 billion bailout to Egypt in December 2022. As part of the IMF-imposed conditions, Egypt is currently privatising loss-making public assets. Despite these challenging circumstances, there is a glimmer of optimism on the horizon. Some analysts anticipate a 'sharp decline' in inflation over the course of 2024, which could provide some relief to the struggling economy. WATCH WION LIVE HERE

Egypt hits highest inflation level amid currency crisis

Domino's prominent offering, $0.60 (49 rupee) pizza, has been&nbsp;hit by&nbsp;surging inflation in India, putting pressure on profitability, according to the CEO of Domino's franchisee in India.

Jubilant Foodworks, the operator of Domino's franchises in India, is facing the challenges of rampant inflation, which is squeezing the profits and pricing out many customers.&nbsp;

Reuters cited Sameer Khetarpal, CEO of Jubilant Foodworks, who said that 'the company's aim is to own that price point&nbsp;confirming the stripped down, seven-inch cheese pizza with a "sprinkle" of basil and parsley is Domino's cheapest anywhere.'&nbsp;

According to Khetarpal, the attractive price of the pizza serves as a callout to customers, encouraging them to order from Domino's rather than opting for more expensive dining alternatives. By endorsing this pricing strategy, Domino's worldwide team aims to retain existing customers who might otherwise be compelled to eat out less due to rising costs in the market.

Fast-Food Giants grapple with Soaring inflation

Online menu pricing shows that in Shanghai, the most affordable savory pizza from Domino's is priced at approximately $3.80, while in San Francisco, it costs nearly $12. The issue of soaring inflation in the 1.4 billion-person market is driving global fast-food giants like Domino's, Pizza Hut, and Burger King to reconsider their strategies.

Furthermore, Reuter's interviews with six CEOs and 12 shop managers, uncover&nbsp;the challenges faced by these fast-food giants as they navigate the impacts of excessive inflation in the market. Khetarpal further revealed that the measures taken to manage costs and combat the impact of 'historically high inflation' led to a significant 70 percent decline in profits during the first three months of 2023.

To counter the effects of rising costs, Khetarpal shares insights into Domino's India turnaround and financial advantages. One cost-saving measure involved eliminating lids from all pizza boxes sold in shops starting in December, resulting in a savings of 0.6 cents per box. As 37 percent of Domino's business in India is dine-in, this move has contributed to substantial savings in packing expenses.

India's fast-food inflationary price wars impact and navigation

In India's highly price-sensitive market, Domino's is not the only player prioritizing pricing strategies to tackle the impact of inflation, which is more pronounced compared to many other markets, including the United States. Executives across the fast-food industry believe that offering low-cost options can entice customers to visit their stores and applications, leading to potential additional purchases and upgrades.

Pizza Hut, in particular, is actively promoting its pizzas, starting at an attractive price of $0.96 (79 rupees), introduced last year. Sapphire Foods, the franchisee of Pizza Hut in India, claims that this is the brand's lowest-priced pizza globally.

Likewise, McDonald's has joined the pricing competition, introducing half-price meals in June. Akshay Jatia, the Executive Director of Westlife Foodworld, which operates 357 locations in western and southern India, revealed that these discounted meals will be the focus of promotional activities in the upcoming weeks. Further, he anticipates that this move will not only boost customer traffic but also increase revenues and profitability for the company.

As these giants navigate the challenges of India's dynamic market, the emphasis on pricing and enticing offers reflects the fierce competition and the pursuit of strategies to maintain a strong foothold in this ever-changing landscape.

The surge in inflation is influencing the strategies of pizza makers, making them reconsider their focus on offering more affordable cheesy and soft-crust pizzas. While cheaply priced pizzas may seem attractive, the effects of inflation are causing some customers to avoid these offerings due to their poor quality.

(Inputs from Reuters)

Domino's prominent offering, $0.60 (49 rupee) pizza, has been hit by surging inflation in India, putting pressure on profitability, according to the CEO of Domino's franchisee in India.

Domino's prominent offering, $0.60 (49 rupee) pizza, has been hit by surging inflation in India, putting pressure on profitability, according to the CEO of Domino's franchisee in India. Jubilant Foodworks, the operator of Domino's franchises in India, is facing the challenges of rampant inflation, which is squeezing the profits and pricing out many customers. Reuters cited Sameer Khetarpal, CEO of Jubilant Foodworks, who said that 'the company's aim is to own that price point confirming the stripped down, seven-inch cheese pizza with a "sprinkle" of basil and parsley is Domino's cheapest anywhere.' According to Khetarpal, the attractive price of the pizza serves as a callout to customers, encouraging them to order from Domino's rather than opting for more expensive dining alternatives. By endorsing this pricing strategy, Domino's worldwide team aims to retain existing customers who might otherwise be compelled to eat out less due to rising costs in the market. Fast-Food Giants grapple with Soaring inflation Online menu pricing shows that in Shanghai, the most affordable savory pizza from Domino's is priced at approximately $3.80, while in San Francisco, it costs nearly $12. The issue of soaring inflation in the 1.4 billion-person market is driving global fast-food giants like Domino's, Pizza Hut, and Burger King to reconsider their strategies. Furthermore, Reuter's interviews with six CEOs and 12 shop managers, uncover the challenges faced by these fast-food giants as they navigate the impacts of excessive inflation in the market. Khetarpal further revealed that the measures taken to manage costs and combat the impact of 'historically high inflation' led to a significant 70 percent decline in profits during the first three months of 2023. To counter the effects of rising costs, Khetarpal shares insights into Domino's India turnaround and financial advantages. One cost-saving measure involved eliminating lids from all pizza boxes sold in shops starting in December, resulting in a savings of 0.6 cents per box. As 37 percent of Domino's business in India is dine-in, this move has contributed to substantial savings in packing expenses. India's fast-food inflationary price wars impact and navigation In India's highly price-sensitive market, Domino's is not the only player prioritizing pricing strategies to tackle the impact of inflation, which is more pronounced compared to many other markets, including the United States. Executives across the fast-food industry believe that offering low-cost options can entice customers to visit their stores and applications, leading to potential additional purchases and upgrades. Pizza Hut, in particular, is actively promoting its pizzas, starting at an attractive price of $0.96 (79 rupees), introduced last year. Sapphire Foods, the franchisee of Pizza Hut in India, claims that this is the brand's lowest-priced pizza globally. Likewise, McDonald's has joined the pricing competition, introducing half-price meals in June. Akshay Jatia, the Executive Director of Westlife Foodworld, which operates 357 locations in western and southern India, revealed that these discounted meals will be the focus of promotional activities in the upcoming weeks. Further, he anticipates that this move will not only boost customer traffic but also increase revenues and profitability for the company. As these giants navigate the challenges of India's dynamic market, the emphasis on pricing and enticing offers reflects the fierce competition and the pursuit of strategies to maintain a strong foothold in this ever-changing landscape. The surge in inflation is influencing the strategies of pizza makers, making them reconsider their focus on offering more affordable cheesy and soft-crust pizzas. While cheaply priced pizzas may seem attractive, the effects of inflation are causing some customers to avoid these offerings due to their poor quality. (Inputs from Reuters)

Domino’s $0.60 cents, world’s cheapest pizza, hit by inflation in India

The cost of serving sandwiches alongside a cup of coffee in Australian coffee shops has skyrocketed to an unprecedented level, severely diminishing profit margins and triggering a wave of closures for establishments that managed to survive the impact of the COVID recession.

The price of one of Australia's most beloved coffee orders, the flat white, has surged by nearly one-fifth. Consequently, due to minimal profits and a dwindling base of loyal customers, caffe owners are actively seeking an exit strategy for their businesses.

In the pre-COVID era, hospitality establishments, constituting approximately one-third of Australia's small businesses, began advertising for sale. However, Reuters reports that selling agents have cited a recent surge in this trend as more businesses opt to sell, resulting in them discounting selling prices by as much as 50 percent of their historical market value. Shockingly, approximately one-sixth of cafes that are currently up for sale end up closing down before finding a buyer.

According to Peter Meredith, a broker at SBS Business Brokers who was quoted by Reuters, many of these hospitality vendors are experiencing exhaustion after enduring the challenges posed by COVID. Additionally, they express a sense of relief upon being able to terminate their leases and exit the industry.&nbsp;

The current inflationary situation is severely dampening the hopes of business owners. According to data presented by the Australian Securities and Investments Commission, business insolvencies reached their highest monthly rate in May, surpassing levels not seen in eight years. This spike can be attributed to the expiration of COVID-related government protections.

Reuters cited CreditorWatch, a credit reporting agency, with CEO Patrick Coghlan highlighting that construction firms have predominantly experienced insolvencies thus far. However, the hospitality sector is anticipated to surpass them in the coming year. Unlike business-to-business organizations, which can increase prices by 10 percent or 20 percent, the hospitality industry faces limitations in raising prices.

The ongoing conflict in Ukraine has had a significant impact on the Australian market, leading to inflationary pressures. Energy prices have surged by up to 30 percent, primarily due to disruptions in the coal and gas markets. Furthermore, wholesale produce costs have experienced a notable increase following years of extreme weather events.

Additionally, with unemployment rates reaching near-record lows, wages are on the rise. This includes wages for hospitality staff, who have faced increased reliance on third-party delivery platforms during the pandemic. These platforms often take a portion of the café's revenue as their cut.

In an effort to address the rising inflationary pressure, the central bank of Australia has implemented a series of interest rate hikes, totaling 400 basis points over a span of 14 months. This rapid tightening of monetary policy represents the fastest rate increase seen in a generation. While the central bank paused its rate hikes in July, it has issued a warning that further increases may be resumed if inflation, which currently stands at 7%, does not show signs of slowing down

The cost of serving sandwiches alongside a cup of coffee in Australian coffee shops has skyrocketed to an unprecedented level, severely diminishing profit margins and triggering a wave of closures for establishments that managed to survive the impact of the COVID recession.

The cost of serving sandwiches alongside a cup of coffee in Australian coffee shops has skyrocketed to an unprecedented level, severely diminishing profit margins and triggering a wave of closures for establishments that managed to survive the impact of the COVID recession. The price of one of Australia's most beloved coffee orders, the flat white, has surged by nearly one-fifth. Consequently, due to minimal profits and a dwindling base of loyal customers, caffe owners are actively seeking an exit strategy for their businesses. In the pre-COVID era, hospitality establishments, constituting approximately one-third of Australia's small businesses, began advertising for sale. However, Reuters reports that selling agents have cited a recent surge in this trend as more businesses opt to sell, resulting in them discounting selling prices by as much as 50 percent of their historical market value. Shockingly, approximately one-sixth of cafes that are currently up for sale end up closing down before finding a buyer. According to Peter Meredith, a broker at SBS Business Brokers who was quoted by Reuters, many of these hospitality vendors are experiencing exhaustion after enduring the challenges posed by COVID. Additionally, they express a sense of relief upon being able to terminate their leases and exit the industry. The current inflationary situation is severely dampening the hopes of business owners. According to data presented by the Australian Securities and Investments Commission, business insolvencies reached their highest monthly rate in May, surpassing levels not seen in eight years. This spike can be attributed to the expiration of COVID-related government protections. Reuters cited CreditorWatch, a credit reporting agency, with CEO Patrick Coghlan highlighting that construction firms have predominantly experienced insolvencies thus far. However, the hospitality sector is anticipated to surpass them in the coming year. Unlike business-to-business organizations, which can increase prices by 10 percent or 20 percent, the hospitality industry faces limitations in raising prices. The ongoing conflict in Ukraine has had a significant impact on the Australian market, leading to inflationary pressures. Energy prices have surged by up to 30 percent, primarily due to disruptions in the coal and gas markets. Furthermore, wholesale produce costs have experienced a notable increase following years of extreme weather events. Additionally, with unemployment rates reaching near-record lows, wages are on the rise. This includes wages for hospitality staff, who have faced increased reliance on third-party delivery platforms during the pandemic. These platforms often take a portion of the café's revenue as their cut. In an effort to address the rising inflationary pressure, the central bank of Australia has implemented a series of interest rate hikes, totaling 400 basis points over a span of 14 months. This rapid tightening of monetary policy represents the fastest rate increase seen in a generation. While the central bank paused its rate hikes in July, it has issued a warning that further increases may be resumed if inflation, which currently stands at 7%, does not show signs of slowing down

Australia's expensive coffee: how inflation has taken a toll on Australian coffee shops

Official data released on Monday revealed that Egypt's year-on-year headline inflation reached an unprecedented 35.7 percent&nbsp;in June, exceeding the previous record of 32.7 percent in May. This sharp acceleration highlights the acute economic challenges faced by the country since early last year and marks the highest inflation rate witnessed since 2017.

Since March 2022, Egypt has experienced significant challenges, as it has faced a scarcity of foreign currency and undergone multiple currency devaluations. The resulting inflationary pressure has further exacerbated the hardships experienced by Egyptians, who have witnessed a gradual erosion of their living standards in recent years.

Analysts had forecast a significant increase in annual urban consumer price inflation for June, attributing it to an unfavorable base effect and a rise in consumer demand during the annual Eid al-Adha festival.&nbsp;

The central bank of Egypt&nbsp;reported that core inflation, which excludes fuel and certain volatile food items, also reached a new record high of 41 percent, surpassing the previous month's figure of 40.3 percent. This persistent surge in inflation may exert pressure on the central bank to raise interest rates at its upcoming meeting scheduled for August 3. Notably, the bank has maintained interest rates unchanged in its last two meetings, following a cumulative increase of 1,000 basis points since March 2022.

In the aftermath of Russia's invasion of Ukraine, Egypt, the Arab world's most populous nation, took decisive action to address its economic vulnerabilities. This included a significant currency devaluation of over 50% since March 2022. The realization of these vulnerabilities prompted Egypt to seek financial assistance from the International Monetary Fund, resulting in a successful application for a $3 billion loan.

The first review of the IMF program, which was scheduled to take place, has been delayed due to uncertainties surrounding Egypt's commitment to implementing a flexible currency exchange rate and the government's efforts to bolster the private sector. Notably, these endeavors include the sale of stakes in state-owned enterprises.

In an attempt to mitigate the impact of inflation, the Egyptian government has taken steps to raise electricity tariffs, which could reinforce price pressures through the summer. Reuters quoted Allen Sandeep from Naeem Brokerage, who suggested that a rise in power tariffs in July might lead to an extended period of elevated annual inflation. However, even without the power rate hike, there may still be a degree of cooling in July due to the favorable comparison with the previous year's figures.

Official data released on Monday revealed that Egypt's year-on-year headline inflation reached an unprecedented 35.7 percent in June, exceeding the previous record of 32.

Official data released on Monday revealed that Egypt's year-on-year headline inflation reached an unprecedented 35.7 percent in June, exceeding the previous record of 32.7 percent in May. This sharp acceleration highlights the acute economic challenges faced by the country since early last year and marks the highest inflation rate witnessed since 2017. Since March 2022, Egypt has experienced significant challenges, as it has faced a scarcity of foreign currency and undergone multiple currency devaluations. The resulting inflationary pressure has further exacerbated the hardships experienced by Egyptians, who have witnessed a gradual erosion of their living standards in recent years. Analysts had forecast a significant increase in annual urban consumer price inflation for June, attributing it to an unfavorable base effect and a rise in consumer demand during the annual Eid al-Adha festival. The central bank of Egypt reported that core inflation, which excludes fuel and certain volatile food items, also reached a new record high of 41 percent, surpassing the previous month's figure of 40.3 percent. This persistent surge in inflation may exert pressure on the central bank to raise interest rates at its upcoming meeting scheduled for August 3. Notably, the bank has maintained interest rates unchanged in its last two meetings, following a cumulative increase of 1,000 basis points since March 2022. In the aftermath of Russia's invasion of Ukraine, Egypt, the Arab world's most populous nation, took decisive action to address its economic vulnerabilities. This included a significant currency devaluation of over 50% since March 2022. The realization of these vulnerabilities prompted Egypt to seek financial assistance from the International Monetary Fund, resulting in a successful application for a $3 billion loan. The first review of the IMF program, which was scheduled to take place, has been delayed due to uncertainties surrounding Egypt's commitment to implementing a flexible currency exchange rate and the government's efforts to bolster the private sector. Notably, these endeavors include the sale of stakes in state-owned enterprises. In an attempt to mitigate the impact of inflation, the Egyptian government has taken steps to raise electricity tariffs, which could reinforce price pressures through the summer. Reuters quoted Allen Sandeep from Naeem Brokerage, who suggested that a rise in power tariffs in July might lead to an extended period of elevated annual inflation. However, even without the power rate hike, there may still be a degree of cooling in July due to the favorable comparison with the previous year's figures.

Egypt's inflation pyramid: inflation surges to 35.7 percent in June

Next month, thousands of nursing staff across Britain will go on strike for the first time in the 106-year history of the UK's nurses union.&nbsp;The Royal College of Nursing (RCN) union said that staff in England, Wales, and Northern Ireland will go on strike on December 15 and 20. Nursing staff from Scotland will reportedly not participate.&nbsp;

Watch |&nbsp;UK inflation rises to 41-year high at 11.1%; food, energy prices soar

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As per Reuters, the National Health Service (NHS) nurses' walkouts are the first in what could be a series of walkouts after the government rejected a proposal for negotiations to address demands for pay increases of five&nbsp;per cent over inflation.

"Nursing staff have had enough of being taken for granted, enough of low pay and unsafe staffing levels, enough of not being able to give our patients the care they deserve," said Royal College of Nursing (RCN) General Secretary Pat Cullen.

This will be the most recent strike in Britain. This year, numerous public and private sector employees—from lawyers to ground crew at airports—have also held protests.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-inflation-spurs-to-41-year-high-before-jeremy-hunts-autumn-statement-534697">UK inflation soars to 41-year high before Jeremy Hunt's autumn statement</a>

Workers across a range of industries in the UK have been demanding pay increases to keep up with rising prices due to decades-high inflation and a cost-of-living problem.

The nurses' strike as per AFP comes amid the first in a series of two-day walkouts by railroad workers and more stoppages by postal workers in the run-up to Christmas.

Steve Barclay, the UK's health minister, shared concern over the strikes and expressed his great gratitude for the "hard work and dedication" of nurses. He said that the NHS has "tried and tested plans" to minimise disruption and guarantee emergency services are maintained.

Also read |&nbsp;<a href="https://www.wionews.com/world/uk-high-inflation-casts-shadow-on-fastest-rise-in-wages-in-20-years-534384">UK: High inflation casts shadow on fastest rise in wages in 20 years</a>

According to the government, it has approved independent pay proposals and will provide at least £1,400 ($1,590) raise&nbsp;to almost one million NHS workers this year.

"These are challenging times for everyone and the economic circumstances mean the RCN's demands, which on current figures are a 19.2 per cent pay rise, costing £10 billion a year, are not affordable," he said.

In September, NHS said that nurses were skipping meals in order to clothe and feed their children and struggled to pay for growing transportation costs.

Due to rising energy and food prices, British inflation has been on the rise and hit a 41-year high of 11.1 per cent in October. &nbsp;

(With inputs from agencies)

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Next month, thousands of nursing staff across Britain will go on strike for the first time in the 106-year history of the UK's nurses union. The Royal College of Nursing (RCN) union said that staff in England, Wales, and Northern Ireland will go on strike on December 15 and 20.

Next month, thousands of nursing staff across Britain will go on strike for the first time in the 106-year history of the UK's nurses union. The Royal College of Nursing (RCN) union said that staff in England, Wales, and Northern Ireland will go on strike on December 15 and 20. Nursing staff from Scotland will reportedly not participate. Watch | UK inflation rises to 41-year high at 11.1%; food, energy prices soar As per Reuters, the National Health Service (NHS) nurses' walkouts are the first in what could be a series of walkouts after the government rejected a proposal for negotiations to address demands for pay increases of five per cent over inflation. "Nursing staff have had enough of being taken for granted, enough of low pay and unsafe staffing levels, enough of not being able to give our patients the care they deserve," said Royal College of Nursing (RCN) General Secretary Pat Cullen. This will be the most recent strike in Britain. This year, numerous public and private sector employees—from lawyers to ground crew at airports—have also held protests. Also read | UK inflation soars to 41-year high before Jeremy Hunt's autumn statement Workers across a range of industries in the UK have been demanding pay increases to keep up with rising prices due to decades-high inflation and a cost-of-living problem. The nurses' strike as per AFP comes amid the first in a series of two-day walkouts by railroad workers and more stoppages by postal workers in the run-up to Christmas. Steve Barclay, the UK's health minister, shared concern over the strikes and expressed his great gratitude for the "hard work and dedication" of nurses. He said that the NHS has "tried and tested plans" to minimise disruption and guarantee emergency services are maintained. Also read | UK: High inflation casts shadow on fastest rise in wages in 20 years According to the government, it has approved independent pay proposals and will provide at least £1,400 ($1,590) raise to almost one million NHS workers this year. "These are challenging times for everyone and the economic circumstances mean the RCN's demands, which on current figures are a 19.2 per cent pay rise, costing £10 billion a year, are not affordable," he said. In September, NHS said that nurses were skipping meals in order to clothe and feed their children and struggled to pay for growing transportation costs. Due to rising energy and food prices, British inflation has been on the rise and hit a 41-year high of 11.1 per cent in October. (With inputs from agencies) WATCH WION LIVE HERE You can now write for wionews.com and be a part of the community. Share your stories and opinions with us here.

British nurses to go on strike for two days in December over pay dispute

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Egypt hits highest inflation level amid currency crisis

Domino’s $0.60 cents, world’s cheapest pizza, hit by inflation in India

Australia's expensive coffee: how inflation has taken a toll on Australian coffee shops

Egypt's inflation pyramid: inflation surges to 35.7 percent in June

British nurses to go on strike for two days in December over pay dispute