The Future Begins Now: A National Alliance Bridging the Gap Between Classroom Seats and Leadership Dreams    Ahl Masr Burn Hospital Concludes First Scientific Forum, Prepares for Expanded Second Edition in 2026    Egypt Tax Authority Standardises VAT Treatment for Exported Services, Issues Guidance    EGX ends week in green on 27 Nov.    Resilience, Innovation, and the Smart Home: Mohamed Ataya on GROHE's Strategic Vision for Egypt    Australia returns 17 rare ancient Egyptian artefacts    Asian stocks rise on Thursday    Gaza death toll rises as humanitarian crisis deepens, Israeli offensive expands in West Bank    China's WINPEX to establish $15m lighting equipment plant in Ain Sokhna    Egypt expands rollout of Universal Health Insurance    Egypt's Al-Sisi links national progress to strict law enforcement, says society has role in reforming legal application    Cairo affirms commitment to Lebanese sovereignty, urges halt to cross-border violations    China invites Egypt to join African duty-free export scheme    Egypt, Algeria agree to deepen strategic ties, coordinate on Gaza ceasefire, regional crises    Egypt calls for stronger Africa-Europe partnership at Luanda summit    Egypt begins 2nd round of parliamentary elections with 34.6m eligible voters    Egypt warns of erratic Ethiopian dam operations after sharp swings in Blue Nile flows    Egypt scraps parliamentary election results in 19 districts over violations    Egypt extends Ramses II Tokyo Exhibition as it draws 350k visitors to date    Egypt signs host agreement for Barcelona Convention COP24 in December    Al-Sisi urges probe into election events, says vote could be cancelled if necessary    Filmmakers, experts to discuss teen mental health at Cairo festival panel    Cairo International Film Festival to premiere 'Malaga Alley,' honour Khaled El Nabawy    Cairo hosts African Union's 5th Awareness Week on Post-Conflict Reconstruction on 19 Nov.    Egypt golf team reclaims Arab standing with silver; Omar Hisham Talaat congratulates team    Egypt launches National Strategy for Rare Diseases at PHDC'25    Egypt adds trachoma elimination to health success track record: WHO    Grand Egyptian Museum welcomes over 12,000 visitors on seventh day    'Royalty on the Nile': Grand Ball of Monte-Carlo comes to Cairo    Egypt launches Red Sea Open to boost tourism, international profile    Omar Hisham Talaat: Media partnership with 'On Sports' key to promoting Egyptian golf tourism    Sisi expands national support fund to include diplomats who died on duty    Egypt's PM reviews efforts to remove Nile River encroachments    Egypt resolves dispute between top African sports bodies ahead of 2027 African Games    Germany among EU's priciest labour markets – official data    Paris Olympic gold '24 medals hit record value    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    Russia says it's in sync with US, China, Pakistan on Taliban    Shoukry reviews with Guterres Egypt's efforts to achieve SDGs, promote human rights    Sudan says countries must cooperate on vaccines    Johnson & Johnson: Second shot boosts antibodies and protection against COVID-19    Egypt to tax bloggers, YouTubers    Egypt's FM asserts importance of stability in Libya, holding elections as scheduled    We mustn't lose touch: Muller after Bayern win in Bundesliga    Egypt records 36 new deaths from Covid-19, highest since mid June    Egypt sells $3 bln US-dollar dominated eurobonds    Gamal Hanafy's ceramic exhibition at Gezira Arts Centre is a must go    Italian Institute Director Davide Scalmani presents activities of the Cairo Institute for ITALIANA.IT platform    







Thank you for reporting!
This image will be automatically disabled when it gets reported by several people.



Egypt's urban inflation hits highest monthly increase in 6 years in July
Increase in fuel and electricity prices have raised prices of other commodities and contributed to rise in inflation
Ahram Online Published in Ahram Online on 10 - 08 - 2014

Egypt's urban inflation rose by 3.1 percent in July, representing the highest monthly increase since May 2008 due to price hikes of strategic commodities, announced the statistical body CAPMAS on Sunday.
The governmental body attributed the rise to hikes in the cost of transportation (up 11 percent), reflecting an increase in fuel prices that went into effect in early July.
The government raised petrol prices in an attempt to trim the budget deficit in the fiscal year 2014/15, with the price of lowest-value octane 80 fuel rising 78 percent and the cost of diesel rising 64 percent.
Octane 80 increased by LE0.7 to LE1.6 per litre, octane 92 rose by LE0.75 to LE2.6 per litre and diesel rose to LE1.8 per litre.
The higher cost of fuel has affected other commodities' prices, known as a second-round effect, a Cairo-based economist told Ahram Online.
Accordingly, vegetables also witnessed a price rise of 7.4 percent, fruit prices rose 3 percent and prices of dairy products and eggs upped 4.6 percent.
High electricity prices – up by 28 percent – have also contributed to inflation's upward movement, CAPMAS added.
The electricity ministry announced higher tariffs in July for households with a rise per kilowatt/hour varying from LE0.02 to LE0.07 for different consumption segments.
According to CAPMAS, the urban consumer price index (CPI) hit the highest rise in seven months, leaping to 10.6 (150.4 points) in July as compared to 10.3 percent in the same month last year.
Egypt's headline CPI rose 3.3 percent month-on-month in July. Meanwhile, year-on-year headline inflation reached 10.7 percent to record 153.7 points.
By mid-July, Egypt's Central Bank (CBE) had raised the overnight deposit rate, overnight lending rate and the rate of the bank's main operation by 100 basis points to 9.25 percent, 10.25 percent and 9.75 percent, respectively.
The decision made by the Monetary Policy Committee (MPC) of the CBE has aimed to curb the rise of inflation as a consequence of price increases on subsidised fuel and electricity.
http://english.ahram.org.eg/News/108172.aspx

Clic here to read the story from its source.