HED: September inflation rate rises to 9.2 % - CAPMAS

Thursday 08-10-2015 11:55 AM
HED: September inflation rate rises to 9.2 % - CAPMAS

The total annual inflation rate for Egypt from 2002-2014 - CAPMAS


CAIRO, OCt 8 (Aswat Masriya) - Egypt’s urban consumer inflation jumped to 9.2 percent in September from 7.9 percent in a record low in August, according to the monthly release by official statistics agency CAPMAS.

The 2.8 percent increase from August to September is the highest monthly increase rate since July 2014.

CAPMAS attributed the sharp rise in inflation to a 19 percent hike in vegetable prices, a 14.4 percent increase in outpatient clinic fees and a 17 percent rise in the cost of school uniforms.

The Egyptian government has projected an inflation rate between 10-11 percent in the fiscal year 2015/2016, forecasting a drop to 7-8 percent by 2018/2019.

Observers expect a hike in inflation rates this year in light of an expected depreciation of the Egyptian pound against the dollar in the official market, plans to introduce value added tax and the government’s plans to implement a sweeping energy subsidy restructure. 

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