Egypt's Sisi directs further efforts to develop higher education    Lebanon's Khatib says Sunnis want Hariri to be PM again    Egypt's parliament speaker slams justice minister over 'inaction' in fighting corruption at notary offices    Egypt's foreign reserves sufficient to cover imports for 8 months – minister    'The Irishman' draws 17 million U.S. viewers on Netflix, Nielsen estimates    Art Alert: King Lear on Cairo stage four times in December    Man arrested for alleged racist behaviour during Manchester derby    Half of lymphoma patients alive three years after new cell therapy treatment: Study    Trump asks World Bank not to lend money to China    Egypt's fuel subsidy bill drops by 69% year on year July-Sept: Minister    Protesters flood Hong Kong as government urges calm    Saudi airman may have become radicalized before US Navy base attack    UK PM Johnson promises lower immigration if he wins election    Salah's absence was 'bad luck' for El-Badry's debut with Egypt, says EFA boss    Rocket hits Iraqi cleric's home following deadly Baghdad attack    Live score: Aston Villa v Leicester City (English Premier League)    Winners of African App Launchpad cup announced    Egypt's Sisi reviews anticipated New Administrative Capital relocation plan    Iran says new budget bucks US oil embargo, uses Russian loan    New waste management system needs cooperation at all levels: minister    Criminal court sentences 4 to death for killing 3 policemen in 2016 robbery    The role of academic institutions in culture industry discussed at Alexandria Theatre Festival    Even being big, burly one needs his mother    Egypt Zamalek's new coach eyes winning start in Champions League against 1º de Agosto    Egypt's Cabinet denies reports on increasing Jan. train fares    WHO decries "collective failure" as measles kills 140,000    Things to do to receive 2020 feeling better    Mohamed Salah, Zamalek's Hamed represent Egypt in shortlists for CAF awards    Rate of HIV infections in Egypt around 0.02% – minister    Adam Sandler threatens to make ‘so bad' movie if he doesn't win Oscar    Egypt's Tahrir Square among top Reuters photos of a decade    Ahly labour to Egypt Cup win over second-division Beni Suef    Gearing up for the World Youth Forum    Shaaban Abdel Rahim, passed away aged 62 years    Egypt names 16 new governors ahead of anticipated Cabinet reshuffle    Egypt's MPs back potential return of information minister post in expected reshuffle    Court sentences six to death, 41 to lifetime imprisonment violence related case    Trump says he would release Mideast peace plan after Israeli elections    ACWA Power compares 3 bids to supply production units for Luxor power station    What do you know about gold alloying?    NBE announces EGP 2.5m prizes for handball youth teams for their world achievements    Jennifer Lopez evokes Egyptian outrage post her North Coast performance    Al-Sisi honours Egypt's scholars on Science Day    IS claims responsibility for suicide bombing killing 63 in Afghan wedding    Political parties gear up for parliamentary, senate, local elections    Unprecedented Glory: Egypt win Men's U-19 World Handball Championship    12th National Egyptian Theatre Festival fuel up public theatre art scene    Ministry of Environment has a plan for "black clouds season"    







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





Inflation edges up
Published in Al-Ahram Weekly on 19 - 09 - 2018

The annual inflation rate rose to 14.2 in July compared to 13.5 per cent in June on the back of recent hikes in fuel and electricity prices, the Central Agency for Public Mobilisation and Statistics (CAPMAS) has reported.
The rise keeps the annual inflation rate within the Central Bank of Egypt's (CBE) target of 13 per cent (plus or minus three per cent) until the end of this year.
“A breakdown of the data showed that last month's rise in inflation was due in large part to a rise in food prices. Food prices account for 40 per cent of the basket of commodities and services according to which inflation is measured and increased by 11.6 per cent year-on-year in August, compared with a 9.6 per cent in July,” said a note by Capital Economics, a research group based in London.
The increases in the prices of fruit and vegetables, likely to be an effect of underlying hikes in energy prices, are felt particularly by consumers. “A bowl of green salad for a family now costs LE25, and the least expensive fruit is now LE15 a kg,” said one shopper who spoke to Al-Ahram Weekly.
“We had to cut our consumption of meat earlier this year because it had become unaffordable. Now it is time to limit our vegetable and fruit purchases as well,” said Umm Rabie, the wife of a janitor in the Cairo suburb of Heliopolis.
The impact of a popular campaign calling for boycotting the purchase of fruit and vegetables because of their high prices has been felt differently from one neighbourhood to another.
Residents of some areas of Heliopolis said the prices of fruit and vegetables were the same, but some fruit and vegetable vendors in the more popular area of Hadayek Al-Kobba said they had had to lower prices as demand had been weak due to the campaign.
This has urged consumers not to buy vegetables or fruit in protest at what it says has been profiteering, saying instead that shoppers should “let them rot”.
“The problem is that pricing is determined in consecutive stages. A farmer sells a wholesaler his products at a very low price, the wholesale merchant then sells them to a retailer at a higher price, who then adds a further margin when he sells them to the consumer,” commented Sayed Ahmed, one of the founders of the campaign.
Ahmed said he was happy at the impact of the campaign as he claimed that prices at the Obour wholesale market had fallen by up to 50 per cent. “This is a huge success. The prices of plums, for example, decreased from LE35 to LE25 a kg,” he said, adding that the campaign's Facebook page now had more than 20,000 followers.
Capital Economics expects that Egypt's inflation rate will resume its downward trend over the coming months.


Clic here to read the story from its source.