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Sunday, 20 October 2019

Egypt's annual inflation spiked in September

Waad Ahmed , Thursday 8 Oct 2015
Egypt has seen a spike in inflation since state-subsidy cuts were introduced in July 2014 (Photo: AP)
Views: 2396
Views: 2396

Egypt's annual inflation accelerated to 9.2 percent in September compared to 7.9 percent in August, stated official statistics agency CAPMAS on Thursday.

The monthly inflation rate spiked 2.8 percent in September compared to August, the CAPMAS statement shows.

The monthly rise in inflation can only be explained in light of a seasonal factor, said Hany Genena, senior economist at Cairo-based Pharos Holding.

The vegetable category, one of the biggest contributors to the consumer price index, saw a monthly rise of 19 percent while the school uniforms basket made a monthly increase of 17 percent in September, when the school and academic year begins.

Local media reports show that prices of vegetables have spiked in recent weeks.

This can be explained by lack of supply, as planting periods end and others start at this time of the year, Gamal Allam, deputy head of the vegetables department at the Cairo Chamber of Commerce, told Ahram Online.

Inflation had been slowing down over the past few months after soaring on the back of rising fuel prices in mid 2014.

But as vegetables are excluded from the core inflation index, Genena expects the fall in commodity prices internationally to sustain the slowing trend in Egypt's core inflation rate for September.

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