Last Update 15:13
Monday, 25 September 2017

Egypt's annual urban inflation eases to 31.9% in August

Ahram Online , Sunday 10 Sep 2017
Shopping
File Photo: A Woman shops at a supermarket in Cairo, Egypt. (Photo: AP)
Share/Bookmark
Views: 1995
Share/Bookmark
Views: 1995

Egypt’s annual urban rate of inflation dipped slightly in August, dropping to 31.9 percent from 33 percent in July, the official statistics agency CAPMAS said on Sunday.

Urban inflation climbed in July to its highest level in decades following subsidy cuts introduced by the government as part of a series of economic reforms aimed at improving the country's finances.

Urban consumer prices in August rose 1.1 percent in the month, while July saw a monthly increase of 3.2 percent, with spikes in fuel and electricity prices a key factor.

Food prices in August showed a year-on-year increase of 42.2 percent, while housing, water, electricity and gas prices have climbed by 7.7 percent, CAPMAS added.

In November 2016, Egypt floated its currency, slashing the value of the pound by half and triggering heavy inflation.

Egypt has been pushing ahead with a series of austerity measures, including fuel and electricity subsidy cuts, to help ease the country's gaping budget deficit.

The reforms have helped the government secure a $12 billion International Monetary Fund loan and allowed the central bank to revive its foreign currency reserves, which jumped to a record of $36.04 billion in July.

In July, Egypt's finance minister said the government expects that monthly inflation rates would stabilize over four months.

 

Short link:

 

Email
 
Name
 
Comment's
Title
 
Comment
Ahram Online welcomes readers' comments on all issues covered by the site, along with any criticisms and/or corrections. Readers are asked to limit their feedback to a maximum of 1000 characters (roughly 200 words). All comments/criticisms will, however, be subject to the following code
  • We will not publish comments which contain rude or abusive language, libelous statements, slander and personal attacks against any person/s.
  • We will not publish comments which contain racist remarks or any kind of racial or religious incitement against any group of people, in Egypt or outside it.
  • We welcome criticism of our reports and articles but we will not publish personal attacks, slander or fabrications directed against our reporters and contributing writers.
  • We reserve the right to correct, when at all possible, obvious errors in spelling and grammar. However, due to time and staffing constraints such corrections will not be made across the board or on a regular basis.
Latest

© 2010 Ahram Online.