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Egypt's annual inflation eases to 9.1 in April: CAPMAS

Despite slowing annual inflation, monthly inflation increases on back of rising food costs ahead of Ramadan

Ahram Online, Thursday 8 May 2014
Inflation
(Photo:Reuters)
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Egypt's yearly inflation up to April eased slightly to 9.1 percent to register the least rise since November 2013, the state-owned statistics agency CAPMAS announced on Thursday.

Annual headline inflation slowed to 10.2 percent in the year to March.

But monthly inflation has begun to inch up again, due to price hikes in some basic food products.

The 0.6 percent monthly rise was mainly driven by a 0.7 percent price hike for food products, mostly frozen and salted fish as well as tomatoes, onions and garlic.

Traditionally, food prices in Egypt rise in the weeks ahead of the holy month of Ramadan, when Egyptian Muslims fast from dawn to dusk, which falls in late June this year.

Meat, poultry, oils, eggs and milk all saw their prices slightly decrease.

Prices for clothing and footwear, another important contributor to headline inflation change, went up 3.2 percent.

Monthly statements from the central bank’s monetary policy committee (MPC) have assured that the committee has been observing inflation levels.

Analysts were worried about the negative consequences on inflation following three consecutive increases on key interest rates by the end of last year. However, the MPC has kept interest rates unchanged since then.

Egypt, a net food importer and the world’s largest buyer of foreign wheat, has seen its currency value drop 1.15 percent since April 2013.

 

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