Inflation up THE INFLATION rate rose in January to 12.2 per cent, increasing by 1.6 per cent from December, data from the Central Agency for Public Mobilisation and Statistics (CAPMAS) showed on Monday. The report attributed the rise to the increased prices of vegetables and fruit, milk, cheese, poultry and fish, month on month. The overall prices of foods and beverages augmented by 3.6 per cent compared to the previous month, whereas they grew by 19.1 per cent compared to the same period last year. In December, the inflation rate saw a minor decline after it decreased by 1.3 per cent from November. This was the second monthly decline in inflation during 2013, the first being in May. The International Monetary Fund (IMF) has predicted in its latest World Economic Outlook report that the inflation rate in Egypt will rise to 10.3 per cent in 2014. Trade deficit down EGYPT'S trade deficit dropped by 17.7 per cent in October 2013 compared to the same month of the previous year to stand at LE16.85 billion, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). The value of Egypt's exports in October 2013 receded to LE14.72 billion, down 0.7 per cent from its level in October 2012. Petroleum products, mineral materials, fertilisers and liquefied propane were among the main products that saw a drop in exports. The value of imports also fell by 10.6 per cent to reach LE31.57 billion compared to LE35.34 billion in October 2012. The prices of some imported goods such as corn, organic and non-organic compounds, and forms of iron and steel has dropped, explaining the decline. Smart cards on track THE MINISTRIES of petroleum and finance intend to establish a joint committee to follow up the implementation of the new smart card system for distributing fuel and will announce the activation of the system soon, the finance ministry said in a statement. The statement said that 1.3 million cars were registered in the new system and that one million fuel smart cards had been issued and distributed to users. It added that around 8,000 workers at petrol stations around the country were being trained in the use of the new system. Some 2,664 points of sale have been set up to monitor the fuel-distribution process, and 400 petrol stations were working completely electronically, the statement added. The new committee will also study renewing driving licenses by linking this to the issuing of the new cards, and unlicensed vehicles are encouraged to obtain them. Increased confidence EGYPT'S consumer confidence index increased by 11.9 per cent in January compared to December, according to a survey by the cabinet's Information and Decision Support Centre (IDSC). The index scored 112.8 points, compared to 100.8 points in December 2013. The IDSC ascribed the increase to an improvement in family incomes and living standards, which had raised confidence levels in the government's economic policies. Family income levels gauge of the index increased in January by 23.2 per cent compared to the preceding month, reaching 62.7 points. Furthermore the sub index measuring expectations for improved family living standards also went up by 9.7 per cent in January 2014, according to the report. The report showed that 49.5 per cent of the surveyed participants expected more job opportunities in the future, compared with 45.2 per cent in December. It added that the age group under 50 years and the already employed, especially in private businesses, were the most optimistic about improving economic conditions. Average annual salaries in Egypt in fiscal year 2012/13 amounted to LE26,161 up from LE25,353 in the previous fiscal year, according to the Central Agency for Public Mobilisation and Statistics (CAPMAS). The agency also said that the poverty rate had increased in recent years, reaching around 26 per cent of the total population.
