Saudi CMA proposes new rules to enhance disclosure requirements

RIYADH: Egypt’s annual inflation rate rose to 13.1 percent in March, up from 12.5 percent in the previous month, according to the latest official data. 

The monthly consumer price index also increased by 1.5 percent compared to February, reaching 250.6 points, Egypt’s Central Agency for Public Mobilization and Statistics reported. 

Higher prices in key food categories including fruits, vegetables, and meat, drove the change, with some items experiencing double-digit year-on-year surges. 

The data indicates continued inflationary pressures across essential sectors, affecting households nationwide. 

The increase comes as Egypt continues to contend with the effects of currency devaluations, subsidy reforms, and global food and fuel price shocks. 

The CAPMAS report revealed that the food and beverage division was the primary contributor to the March inflation increase, with year-on-year prices for fruits soaring by 76.7 percent and vegetables climbing by 6.6 percent. 

Meat and poultry rose by 6.2 percent, while the price of cereals and bread jumped 8.1 percent compared to March last year. 

Across North Africa, inflation trends remain mixed as neighboring economies contend with varying degrees of price pressures.  

Algeria’s annual inflation rate rose to 4.7 percent in January, its highest since October, according to data platform Trading Economics. Morocco saw a sharper increase to 2.6 percent in February from 2 percent, while Tunisia’s rate edged up to 5.9 percent in March from 5.7 percent, driven by higher food, clothing, and household costs. 

Sudan, still grappling with hyperinflation, saw a slight easing to 142.34 percent in February from 145.14 percent, though it remains among the world’s highest. 

In Egypt, notable annual increases were recorded in the clothing and footwear segment, which rose 18.3 percent, driven by a 22.9 percent spike in shoes and a 19.4 percent rise in ready-made garments.  

Housing and utility costs also advanced, registering a 17.4 percent increase year on year. This was attributed to a 36.5 percent surge in electricity, gas, and other fuel prices. 

Healthcare saw a significant rise as well, with hospital services up by 19.8 percent and outpatient services by 12.6 percent, contributing to a 25.5 percent overall increase in the group.  

In transportation, private vehicle purchase prices rose by 29.5 percent, while transport services increased 35 percent over the year. 

Inflation in communication services also surged, led by an 89.2 percent increase in postal services. 

Prices for cultural and recreational services climbed by 18.3 percent, reflecting hikes in book prices, organized travel services, and entertainment products. 

The education sector saw an average price increase of 10 percent, with pre-primary and primary education costs rising by 12.5 percent.  

Additionally, university education and other unspecified levels posted increases of 4.3 percent and 12.2 percent, respectively. 

The accommodation and food service sector experienced an 11.3 percent rise in prices, while miscellaneous goods and services such as personal care items and travel gear increased by 13.5 percent. 

On a monthly basis, food prices rose across several categories, with bread and cereals up by 0.5 percent, meat and poultry by 2.8 percent, fish and seafood by 0.7 percent, and fruits by 0.2 percent.  

Vegetables increased by 3.1 percent in March compared to February.

RIYADH: A full-blown trade war between the US and China could divide the global economy into rival blocs and slash worldwide growth by 7 percent in the long term, the World Trade Organization said. 

WTO Director-General Ngozi Okonjo-Iweala stated that bilateral trade between the world’s two largest economies could plummet by as much as 80 percent, with far-reaching consequences. 

This comes as President Donald Trump announced sweeping import taxes on all goods entering the US, marking a major shift in trade policy. While introducing a temporary 90-day pause for some countries, he raised tariffs on Chinese goods to 125 percent, citing a “lack of respect” after Beijing hit back with its own 84 percent levy on US imports. 

Okonjo-Iweala said: “This tit-for-tat approach between the world’s two largest economies — whose bilateral trade accounts for roughly 3 percent of global trade — carries wider implications that could severely damage the global economic outlook.” 

She added: “A division of the global economy into two blocs could lead to a long-term reduction in global real GDP by nearly 7 percent.” 

Developing nations, particularly least-developed countries, would bear the brunt of the fallout. 

“Trade diversion remains an immediate and pressing threat, one that requires a coordinated global response,” Okonjo-Iweala emphasized, urging WTO members to resolve disputes through dialogue.  

The policy shift, first announced on April 2 and revised on April 10, signals a sharp escalation in trade tensions and a renewed push for Trump’s “America First” agenda. 

“In many cases, the friend is worse than the foe in terms of trade,” Trump said at a White House briefing on April 2, criticizing allies like Mexico and Canada for what he called unfair trade practices. 

He later suspended most of the tariffs on Wednesday, reverting to a universal 10 percent rate — except for China, which now faces 125 percent tariffs, up from 104 percent. “Based on the lack of respect China has shown to the World’s Markets, I am hereby raising the Tariff charged to China to 125 percent,” Trump wrote on Truth Social. 

The announcement triggered a historic stock market rally, with the Dow surging 7.87 percent, its best performance in five years, while the S&P 500 and Nasdaq jumped 9.5 percent and 12.2 percent, respectively. 

The WTO has repeatedly cautioned against unilateral trade measures, stressing that a rules-based trading system is critical to global stability. With China vowing retaliation, the risk of further escalation looms — a scenario Okonjo-Iweala warns could derail the fragile post-pandemic recovery. 

“WTO members have agency to protect the open, rules-based trading system,” she said. “Resolving these issues within a cooperative framework is essential.”