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Egypt's annual urban inflation hits 3-year high in November: CAPMAS

Inflation climbs with price hikes for food and gas cylinders, CAPMAS

Ahram Online, Tuesday 10 Dec 2013
Market
Food price rises slow, easing urban inflation (Photo: Reuters)
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Egypt's urban inflation hit 13 percent in the year leading up to November 2013, registering 141.8 points, as compared with 10.4 percent in the year up to October, the state-run statistics body CAPMAS reported on Tuesday.

Abu Bakr Al-Gendy, head of CAPMAS, told Reuters that it is the highest inflation swell since January 2010, when the urban Consumer Price Index (CPI) climbed 13.6 percent.

The overall annual inflation registered 14.2 percent in November, reaching 144.6 points.

On a monthly basis, headline inflation in November increased by 0.9 percent, compared to the previous month.

CAPMAS has attributed the rise in the past month's inflation to an increase in the price of fish and sea food (4.6 percent), dairy products and eggs (2 percent) and vegetables (0.6 percent), as well as a significant price hike for butane cylinders.

Although the report did not specify the exact increase in butane cylinder prices, it showed that house utilities along with fuel and gas also surged 13.8 and 14.9 percent respectively.

Last December, the Egyptian government more than doubled the price of subsidised butane cylinders, limiting those who benefit from the subsidy. The official price of a subsidised 12.5 kg cylinder rose from LE2.75 to LE8.

The prices were raised after continual shortages over the last few years led to cylinders being sold on the black market for prices up to LE75 each.

Last week, The Central Bank of Egypt (CBE) cut both deposit and lending interest rates by 50 basis points to hit 8.25 and 9.25, respectively, a move that was seen by economist Alia El-Mahdy as a possible driver for further inflation rises. 

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