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Egypt's annual inflation hits 6-month high in November up to 11.8%

Ahram Online , Thursday 10 Dec 2015
File Photo: Egypt has seen a spike in inflation since state-subsidy cuts were introduced in July 2014 (Photo: AP)
Views: 3175
Views: 3175

Egypt's annual inflation rate accelerated 11.8 percent in November compared to 10.3 percent in October, official statistics agency CAPMAS announced on Thursday.

The annual consumer price index registered in November the highest rate since May 2015, when the high food prices drove it to hit 13.1 percent. 

The Egyptian government has introduced discounted foodstuff all over the nation in an effort to curb rising food prices.

Prices of food and beverages, the main contributor in the consumer price index, saw an annual rise of 15.1 percent in November.

Urban inflation rose 11.1 percent in Novemeber year-on-year, while rural inflation increased 12.7 percent in the same period.

As it is back in the double-digits, UK-based macroeconomic research company Capital Economics said that the impact of the latest inflation figures on the interest rate is highly uncertain given that the Monetary Policy Committee meeting (scheduled to take place on 17 December) will be the first under new Central Bank of Egypt governor, Tarek Amer.

“There is growing risk that CBE will be spooked and decide to hike rates,” the company said in e-mailed comments over Egypt’s latest consumer price index.

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13-12-2015 05:15pm
Big Project: Egypt's Economic Structure
Evidence of our downward spiraling debt based economy. More should be done to reach sustainable development. Reduce subsidies by creating a tiered payment scheme for all services as the ministry of energy has done and support SMEs to source locally manufactured products to bigger businesses and possibly export. More important than focusing on big projects is to focus on the biggest project of all, restructuring the economy from debt based and dependent on large investors whims, to a productive one supported by local small businessmen and researchers with good ideas.
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11-12-2015 02:44pm
20% by end of Sisi’s term
Unless drastic measures are taken, and I mean economic not buying a larger military arsenal, Inflation will hit 20%. This is not a theory; based on the current borrowing to survive and the collapse of export the Central bank would be forced to set the Pound free, taking it 30% lower and we’d be lucky if inflation stopped at 20%. Could this be reversed? Yes, only if this incompetent army government resigned and a competent group of International economists ala Dr. Erian are in charge of the country, not the army generals who don’t know their jets from their elbows!
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