Inflation Pressures To Wane?

Although we remain very cautious, we note that there may be a ray of light at the end of the inflationary tunnel in the Middle East and North Africa region. We have revised up our inflation forecasts for most states over the course of this year, but still to levels which assume a small downturn (or at least stabilisation) in H2. Notwithstanding the ongoing possibility of another US Fed rate cut, which would renew pressure on those states with pegged currencies, we think that Q2 data may show the beginning of this stabilisation trend. • Most of the states for which

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