A contraction in Egyptian non-oil private sector activity entered its 26th straight month as high inflation and a continued shortage of foreign currency weighed on business, a survey showed on Sunday.
Headline inflation in Egypt surged to a five-year high of 21.3% in December, the state statistics organisationThe increased inflationary pressures and the impact on demand led to a sharp contraction in output across the non-oil sector in January, S&P Global said.
The sub-index for output slid to 42.3 in January from 44.8 in December and that for new orders to 42.6 from 45.5.
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