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Egypt PMI steady in Nov as input costs rise By Reuters

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© Reuters. FILE PHOTO: A farmer harvests rice in a area in the province of Al-Sharkia, northeast of Cairo, Egypt, September 21, 2021. REUTERS/Mohamed Abd El Ghany/File Photo

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CAIRO (Reuters) – Egyptian non-oil exercise in the non-public sector shrank for a twelfth month in November as inflation expectations rose, inflicting new enterprise orders to fall by their quickest in a 12 months, a survey confirmed on Sunday.

IHS Markit’s Purchasing Managers’ Index (PMI) got here in at 48.7 – under the 50.0 threshold that separates development from contraction – unchanged from October.

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“A pointy rise in enterprise costs continued to drive greater promoting costs and decrease demand throughout the Egyptian non-oil economic system throughout November,” IHS Markit stated.

The input value inflation sub-index, at 63.7, was at its second-fastest in over three years, overwhelmed solely by October’s 64.5.

“A lack of consumer demand and slowdowns as a result of world provide chain points had been typically behind the downturn,” it stated. “Companies famous that greater promoting costs typically deterred buyer spending in the home market.”

The sub-index for future output expectations slipped to 60.6, its lowest stage in a 12 months, from 65.0 in October, with greater inflation expectations weighing on sentiment.

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The output sub-index climbed to 47.7 from 47.5 in October, whereas the brand new orders sub-index inched right down to 48.6 from 48.7.

“Higher gasoline and delivery costs typically led to elevated costs, together with for uncooked objects such as foodstuff and paper,” IHS Markit stated, including that firms additionally raised wages in response to an uptick in residing bills.

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