Egypt's non-oil private sector activity shrank for the 27th month in a row in February as surging inflation and obstacles to importing from abroad extended business travails, a survey showed on Sunday.
The S&P Global Egypt Purchasing Managers' Index strengthened to 46.9 in February from 45.5 in January, but was still well below the 50.0 threshold that marks growth in activity.
"After hitting a four-and-a-half-year high in January, the rate of purchase price inflation softened to the lowest since October, as firms suffered to a lesser extent from weaker exchange rates and rising import costs," S&P Global economist David Owen said. The PMI's sub-index for overall input prices slipped to 62.7 from January's 72.3, and that for purchase prices fell to 63.9 from 72.7.
Headline inflation in Egypt surged to a five-year high of 25.8% in January, the state statistics organisation reported last month. "Amid the bleak outlook, non-oil companies opted to reduce their purchasing activity sharply in February, S&P Global said. The rate of contraction, however, was the softest in four months.
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