The announcement that the price of state-subsidised bread in Egypt will be raised adds to our view that inflation will drift higher and that the central bank will hold off from cutting rates for now. Elsewhere, Oman’s government looks set to reverse its plans to remove electricity subsidies, which may add to concerns about the commitment to repair very weak public finances. Finally, the UAE is expanding its COVID-19 vaccine rollout as the authorities hope to support the non-oil economy and the tourism sector in particular.
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