June 30 anniversary: Inspiring path towards economic recovery    Egypt signs deal for green ammonia production project in Damietta    Egypt, EU sign €1b financial aid pact    Egypt, EU sign 4 landmark agreements    Egypt-EU Investment Conference: Turning promises into tangible progress    China pours over $300m into flood relief efforts    22 banks, 8 companies offer EGP 70bn in mortgage finance since June 2014: MFF    Carlyle Group targets significant investments in Egypt's oil, gas sector    El Gouna City unveils Fanadir Marina, becoming Egypt's largest private yacht operator    Egypt's PM reviews progress of Warraq Island urban development    Over 200 cultural events planned across Egypt to mark June 30 Anniversary    Health Minister discusses cooperation with UN Office on Crime, Drugs    Egypt, Yemen reaffirm strategic ties, stress Red Sea security concerns    264 days of targeting civilians in Gaza by Israeli aircraft    Somalia faces dire humanitarian crisis amidst Al-Shabaab threat, UN warns    Sweilem leads Egyptian delegation to South Sudan for high-level talks, project launches    Joyaux collaborates with IGI to certify luxury jewellery    Egypt, South Sudan strengthen water cooperation    33 family tombs unearthed in Aswan reveal secrets of Late Period, Greco-Roman eras    First NBA Basketball school in Africa to launch in Egypt    Central Agency for Reconstruction develops Fustat Hills Park in Cairo    BRICS Skate Cup: Skateboarders from Egypt, 22 nations gather in Russia    Pharaohs Edge Out Burkina Faso in World Cup qualifiers Thriller    Egypt's EDA, Zambia sign collaboration pact    Amwal Al Ghad Awards 2024 announces Entrepreneurs of the Year    Egyptian President asks Madbouly to form new government, outlines priorities    Egypt's President assigns Madbouly to form new government    Egypt to build 58 hospitals by '25    Swiss freeze on Russian assets dwindles to $6.36b in '23    Egyptian public, private sectors off on Apr 25 marking Sinai Liberation    Debt swaps could unlock $100b for climate action    Financial literacy becomes extremely important – EGX official    Euro area annual inflation up to 2.9% – Eurostat    BYD، Brazil's Sigma Lithium JV likely    UNESCO celebrates World Arabic Language Day    Motaz Azaiza mural in Manchester tribute to Palestinian journalists    Russia says it's in sync with US, China, Pakistan on Taliban    It's a bit frustrating to draw at home: Real Madrid keeper after Villarreal game    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.



Annual inflation drops to 8.3% in July: CAPMAS
Despite year-on-year decline, Consumer Price Index (CPI) increased 0.6% in July 2015 compared to preceding month
Menna Samir Published in Daily News Egypt on 10 - 08 - 2015

Egypt's annual urban consumer inflation registered 8.3% in July 2015, compared to 11.5% in June 2015, according to the Central Agency for Public Mobilization and Statistics' (CAPMAS) calculations.
When comparing annual inflation in July 2015 to that of the same period in 2014, inflation rates were much higher the previous year, according to Mohamed Farid, Chairman of Dcode Economic and Financial Consulting.
According to previous CAPMAS statistics, annual urban consumer inflation registered 11.04% in July 2014.
The high rate was mainly attributed to the fact that Egypt reduced petroleum subsidies in the fiscal year (FY) 2014/2015 budget to EGP100bn, compared to EGP 134bn for FY 2013/2014.
President Abdel Fattah Al-Sisi's government raised automotive petroleum product prices on 4 June, including fuel, diesel and natural gas, as a means to finance the growing budget deficit.
Regarding whether inflation will decline in the upcoming period, Farid indicated that inflation is expected to increase. This is because the government plans to reduce subsidies on a number of services in the coming period, which will lead to a significant rise in prices.
Dcode anticipates that annual average inflation for the FY 2015/2016 will be 12%, according to Farid, whilst the Egyptian government expects the figure to reach between 10% and 11%.
Furthermore, Farid expects inflation indicators to rise, while consumers' purchasing power will be reduced with the enforcement of the value-added tax (VAT) law, set to be approved by the government before the end of this year.
In spite of the year-on-year decline, the Consumer Price Index (CPI) increased by 0.6% in July 2015 compared to the preceding month, CAPMAS said.
The rise is mainly attributed to seasonal prices and the price increase in services controlled by the state, such as electricity, water and gas prices, which increased by 3.2%, Farid added.
This season, the prices of fish and other seafood have significantly increased by 3.6%, due to the summer season when there is high demand on these food items, he elaborated.
The prices of other products also witnessed an increase, albeit minimal, compared to the above-mentioned prices.

Clic here to read the story from its source.