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Wednesday, 22 August 2018

Egypt inflation keeps rising in August

Egypt's annual headline inflation rate rises to 11.4 percent in August, pushed by an increase in food prices

Ahram Online, Wednesday 10 Sep 2014
Inflation
File Photo:Egyptians vendor at a vegetable market in Cairo February, 2011 (Photo: Reuters)
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The food and beverages Consumer Price Index (CPI) registered a higher increase of 11.6 percent.  
 
Annual core inflation (which excludes the impact of temporary price shocks on inflation), rose at a slower pace to 10.07 percent in August, from 9.57 percent in July, according to the Central Bank of Egypt (CBE).
 
Monthly inflation increased by one percent in August compared to an especially high rate of 3.6 percent in July that resulted from the cut in fuel subsidies and to the raising of taxes on tobacco and alcohol products earlier that month.
 
Egypt had revised its July headline Consumer Price Inflation (CPI) up to 3.6 percent, from the 3.1 percent announced earlier. 
 
The central bank has kept its interest rates unchanged earlier this month after a rise in July as inflation was anticipated to rise. "Higher than anticipated indirect and second round effects of the price adjustments pose an upside risk to the inflation outlook", said the CBE in a previous release.
 
 
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Aladdin, Egypt
10-09-2014 02:09pm
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More Income
More people are working and gaining buying power. We should encourage savings and investment in national projects. Suez Canal project absorbed 10 bn in few weeks to create jobs and prevent consumption of goods. we are on the right track. Tahya Misr.
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