Urban consumer price inflation, the most closely watched indicator of prices, rose to 114.6 versus 101.9 a year ago making for a 12.2 per cent increase year on year in May 2011, from 10.8 pct year-on-year (y-on-y) in January, Egypt's Central Agency for Public Mobilization and Statistics (CAPMAS) said.
The bulletin published today on the CAPMAS official website shows a spike in food prices in Egypt. Food prices rose by 18.9 per cent y-on-y, 0.4 per cent from April.
Vegetables witnessed the biggest price hike, increasing by 38.4 per cent compared to last May, and by 9.9 per cent from April, followed by bread and grains, which soared by 32.8 per cent compared to last May, and by 2.3 per cent from April.
Meat and poultry have also seen a big climb by over 12.5 per cent from last year.
Some items soared in price by more than 100 percent. The price of lemons rose by 188.46 per cent and that of tomatos by 119.5 per cent over the course of the year.
On Tuesday, the Ministry of Finance posted on its website a document entitled 'Egypt’s Economic Program', stating that “inflation will remain broadly stable in the coming fiscal year, albeit at a relatively elevated level.”
Previous figures show urban inflation increased by 2.4 per cent in January 2011 after falling by 1.9 per cent in December 2010 and 2.2 per cent in November 2010.
The January 25 revolution which led to the toppling of former president Hosni Mubarak was largely triggered by the soaring price of food protests, unemployment and demands for democratic reforms.