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Egyptian consumer confidence falls 7.5 per cent in July on price hikes and insecurity

Around 40 per cent of Egyptians believe their financial situation is getting worse while many more believe the broader economy has deteriorated since June, says a cabinet report

Ahram Online, Tuesday 2 Aug 2011
Food Prices
Concerned shoppers feel the pain as price hikes dent their confidence (Photo: AP)
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Egyptian consumer confidence fell 7.5 per cent month-on-month in July, according to a Tuesday report by the cabinet's Information and Decision Support Center (IDSC).

The report based its findings on the fall of two basic indices -- family income and Egyptians' confidence in economic polices.
 
The family income index plunged 21.7 per cent in July to record 34.2 points, with 40.1 per cent of those polled believing their financial condition was worse than last year. In June 2011, 34.9 per cent believed their economic situation was deteriorating.
 
The confidence index in economic policies declined 6.7 per cent month-on-month July to reach 76 points, with 62 per cent of Egyptians polled believing their country was in a poorer state than last year, citing price hikes for goods, frequent demonstrations and an overall lack of security.
 
Meanwhile, Egypt's producer price index (PPI) rose 19.12 per cent in theyear to June, slower than the 20.04 per cent rise in the year to May, said a government website.
 
The state statistics agency CAPMAS gave the following values for the producer price index, which is based on 100 for the 2004/05 financial year:
 
June 2011  191.3
May 2011    192.8
June 2010  160.9
 
The government introduced the new index in October 2007, replacing the old wholesale price index.
 
PPI are calculating according to rthe International Standard Industrial Classification (ISIC) and include agriculture, fishing, mining and quarrying, manufacturing , water supply, waste management and transportation and storage.
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