Egypt's Zamalek undone by stoppage-time strike at Berkane in final first-leg    Meet TUT, Egypt's Nations Cup mascot    President Sisi receives citizens for Iftar at his private residence    Saudi energy minister recommends driving down oil inventories, says supply plentiful    Egypt and Canada's parliamentary speakers discuss bilateral relations    Argentine great Maradona to miss Cannes film premiere after shoulder injury    Scientists in new push to control cancer before curing it    Thales plans to turn Egypt into regional technical hub to provide company's services    FRA considers new amendments to short selling controls    The Netherlands wins the Eurovision Song Contest    Egypt's Sisi follows up on latest preparations for 2019 African Cup    Egypt bids to host AfCFTA's executive office, says legal adviser of AU    Iran is not pursuing war: Revolutionary Guards chief    Saudi crown prince discusses regional developments with Pompeo: Ministry    PM follows up efforts to improve government unified complaints system    UN condemns violence against Sudanese protesters    Policy on Cuba is an embarrassment for United States    MENA's first Vertebrate Palaeontology centre inaugurated in Mansoura University    Egypt ranks 4th among top nationalities visiting Saudi Arabia for Umrah    Suez Canal Bank aims to focus on investment banking services, non-bank financial services    Al-Sisi pardons 560 prisoners convicted in cases from 2013 to 2017    Egyptian museums' revenues increase by 70.5% in 2018: CAPMAS    Egypt's Sisi orders studies to maximize assets, investment returns for religious endowments ministry    Google Doodle celebrates Omar Khayyam, medieval mathematician, astronomer and poet    Hotter weather forecast for Egypt on Monday    Herman Wouk, author of 'The Caine Mutiny' and 'The Winds of War,' dies at 103    President Sisi salutes the martyrs of the armed forces on the 10th of Ramadan victory anniversary    Armed Forces kills 47 terrorists, destroys 29 hideouts in Sinai: spokesperson    Jürgen Klopp wins German Football Ambassador award 2019    Polish minister pops 'what if' question over US gas plans    Presidential decree pardons 560 prisoners    Despite losing EPL title, Salah joins list of back-to-back top scorers    Only one third of world's longest rivers remain free-flowing    Low-category ticket prices for Egypt's matches at AFCON 2019 reduced    Newsreel    No new rent law    Conflict vs dialogue    The alternative economy in Ramadan    Ramadan, Egyptian style    ‘Let there be light'    Algeria steps up arrest campaign    Three-way tie    14 minutes added on    Risks from inflation    Travelling out of the box    Lebanese singer Tania Saleh at the Opera House's Ramadan nights    A present-day Aladdin    Walking a Sufi path    

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.