CAIRO - Food prices soared in Egypt in March, when the cost of a basket of four staple food items showed a mighty leap of nearly 50 per cent from the same month a year earlier, an official report showed. For the three months of January, February and March, the price increases included fish, rice, cooking oril, sugar, vegetables, fruits and dairy products, the report, issued by the State-run Central Authority for Public Mobilisation and Statistics (CAPMAS), said. Many economists say a short supply of these commodities coupled by high demand led to the price rises after the January 25 revolution. The CAPMAS report showed that the price of one kilo of rice jumped from LE3.53 in February to LE3.80 in March, whereas the price of a kilo of catfish soared from LE12.78 in February to LE13.78. In March, the report continued, the price of one kilo of tomato rose to LE4.06 from LE2.06 in February, while the price of a kilo of cooking oil reached LE8.98 after it was LE8.73 during the same period. Following the January 25 revolt, which toppled the Mubarak regime, the Egyptians saw a wave of wild increases in food prices that depleted 50% of their household financial resources. In response to the increases, the post-Revolution Governments of Ahmed Shafiq and Essam Sharaf have broaden the food ration system. Economists said that food prices are rising on a mix of strong demand and low supply.
