Egypt's annual consumer price inflation rose by 10.9 pct in April - state statistics agency

Tuesday 10-05-2016 11:18 AM

Woman wandering through supermarket in Cairo, Egypt. REUTERS

CAIRO, May 10 (Aswat Masriya) – Egypt’s monthly consumer price inflation rose by 1.5 per cent in April compared to March, the official statistics agency said in a statement on Tuesday. 

This increase results for the rise in prices of vegetables, fruits, rice, grain, poultry, and clothing, the Central Agency for Public Mobilisation and Statistics (CAPMAS) added.

The annual consumer price inflation rose to 10.9 per cent in April from 9.2 per cent in March. 

The government said in November that it is keeping the prices of key goods under control. The central bank hiked interest rates in December and March, citing inflationary pressures as a motive. 

The government also decided to offer additional ration points, with a 20 per cent increase, starting June to curb the impact of the dollar’s unstable exchange rate. The central bank devalued the Egyptian pound against the dollar in March by around 13 per cent.

The cash-strapped Egyptian government is currently facing the consequences of years of political turmoil triggered by the 2011 Uprising that toppled former president Hosni Mubarak, halving the country’s foreign reserves and scaring away tourists and investors.

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