Last Update 22:51
Tuesday, 15 October 2019

Egypt headline inflation eases to 13.0 pct in April: CAPMAS

Urban inflation rose 0.5 percent month-on-month in April, CAPMAS said, down from 0.8 percent in March; 'This month was the lowest month-on-month increase in three years,' economic experts explained

Reuters , Ahram Online , Thursday 9 May 2019
vegetable
File Photo: Produce is displayed at a vegetable market in Cairo. (Photo: Reuters)
Share/Bookmark
Views: 7230
Share/Bookmark
Views: 7230

Egypt’s annual urban consumer price inflation eased to 13.0 percent in April from 14.2 percent in March, official statistics agency CAPMAS said on Thursday.

“The figures are lower than our expectations,” said Radwa El-Swaify, head of research at Pharos Securities Brokerage.

“This month was the lowest month-on-month increase in three years.”

Urban inflation rose 0.5 percent month-on-month in April, CAPMAS said, down from 0.8 percent in March.

Egypt has been carrying out an IMF-backed economic reform programme since 2016 which saw inflation rise to a high of 33 percent the following year.

However, the monbetary policies of the central bank over the past three years reigned in inflation significantly.

Still, rising fruit and vegetable prices have prolonged inflationary pressures.

“We expect next month’s figures to see a rise between 0.5 and 1 percentage points and for current rises in vegetable prices to be reflected,” Swaify said.

“Based on our analysis, increased efforts made by the government to provide the market with ample supplies of volatile food items (fruits, meat and vegetables) prior to the Ramadan season, has helped cool off the supply/demand pressures on inflation,” Naeem Brokerage, which predicted headline inflation would fall to 13.2 percent, said in a note on Wednesday.

In a report published last month, the IMF said that inflation in oil importing countries in North Africa including Egypt is expected to remain mostly unchanged at around 10% this year.

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.