News

Egypt’s Inflation Rate Drops to 13.6 % in 2018

mm
Egypt’s Inflation Rate Drops to 13.6 % in 2018

An Egyptian fruit seller works in a market in Cairo. Photo credit: VOA News

The Central Agency for Public Mobilization and Statistics (CAPMAS) announced earlier this week that Egypt’s inflation rate has dropped to 13.6 percent from 33.2 percent which was the inflation rate in August 2017.

However, inflation has increased to 1.7 percent in August indicating that the demand for market goods is higher than the supply. This has lead to a felt price hike in various products.

Vegetable prices increased by 8 percent, meat and poultry by 1.4 percent, fruits by 4.9 percent, dairy, eggs, and cheese by 1.3 percent, and petrol and gas cylinders by 5.5 percent.

CAPMAS also revealed that, in the last month, the prices of potatoes increased by 9.5 percent, and onions by 2.5 percent. The prices of bananas also witnessed an increase of 15.2 percent, and guava and grapes prices increased by 9 percent. Whole milk price marked up 1.2 percent and eggs rose by 2.4 percent.

On the other hand, the real state market has experienced a decrease in prices. According to Capital Economics housing inflation declined to 11.6 percent in August compared to 22 percent in July. The inflation of transportation have also decreased to 38.1 percent from 40.5 percent. Moreover, the inflation in the prices of apparel decreased to 14.6 percent from 15.6 percent.

Two sectors that have not witness an increase in inflation are the health services and education sectors. The inflation of the prices for both sectors has been constant at 3.9 and 19.6 percent, respectively, throughout July and August.

Passant Fahmy, Member of the House of Representatives’ Economic Affairs Committee, urged the increase of production to make up for the increase in demand. Fahmy predicted that the continuous rise of inflation might result in the “erosion of the middle class”‘ which is the driving force of Egypt.

 

Egypt to Detect and Treat 50 Million Citizens From Hepatitis C
Egypt Ditches JWT, Hires Local Agency to Promote Tourism: Report

Subscribe to our newsletter


News

More in News

In Photos: Massive Sandstorm Turns Cairo Orange

Egyptian StreetsJanuary 19, 2019

Mercedes-Benz Assembly Plant to “Improve Egypt’s Investment Climate”

Egyptian StreetsJanuary 19, 2019

France’s ‘Yellow Vests’ Protests Continue For the 10th Weekend

Egyptian StreetsJanuary 19, 2019

Egypt’s President El-Sisi Issues an Order to Paint All Red Brick Buildings

Egyptian StreetsJanuary 18, 2019

Google Celebrates Egyptian-born Singer Dalida’s 86th Birthday

Mirna AbdulaalJanuary 17, 2019

Red Hot Chili Peppers to Perform In Front of Egypt’s Pyramids

Egyptian StreetsJanuary 17, 2019

Extreme Cold Weather Kills 15 Displaced Syrian Children

Egyptian StreetsJanuary 16, 2019

14 Killed After Deadly Terror Attack in Kenya

Egyptian StreetsJanuary 16, 2019
Egyptian Streets is an independent, young, and grass roots news media organization aimed at providing readers with an alternate depiction of events that occur on Egyptian and Middle Eastern streets, and to establish an engaging social platform for readers to discover and discuss the various issues that impact the region.

© 2017 Egyptian Streets. All Rights Reserved.