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Inflation increases by 2% in August: CAPMAS - Daily News Egypt

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Inflation increases by 2% in August: CAPMAS

The consumer price index (CPI) for August registered an increase of 2% compared to July, CAPMAS reported on Thursday.


The consumer price index (CPI) for August registered an increase of 2% compared to July, the Central Agency for Public Mobilisation and Statistics (CAPMAS) reported on Thursday.

CPI is a measure of changes in the purchasing power of currency and the rate of inflation.

The basic inflation prepared by the Central Bank of Egypt (CBE) recorded a monthly rate of0.61% in August, compared to 0.25% in July. The annual inflation rate increased to 13.25% in August compared to 12.37% in July, according to the CBE.

The statement attributed the increase in the rate of inflation to price hikes across vegetables by 6.4%, meat by 3.3%, sugar and sugary foods by 6.1%, oils and fats by 2.4%, electricity and gas by 27.4%, and transportation services by 3.3%.

The annual inflation rate in August was 16.4% higher than in August 2015.

Food and beverage prices registered an increase of 1.6%, which represents a 0.84% increase in CPI compared to July.

Furniture and home supply products registered an increase of 2.5%, representing a 0.07% increase in CPI compared to July as prices of home appliance increased by 2.3%, in addition to an increase in glassware and cutlery prices by 5%, and goods and services used in home maintenance by 2.7%.

“Housing, water, electricity, gas and fuel services recorded an increase by 6.7%, contributing a rise of 0.85%  in CPI compared to July as prices of electricity, gas and other fuel materials increased by 27.4%,” according to CAPMAS.

The statement added that transportation and communications services increased by 2.8%, which represents a 0.10% increase in CPI compared to July as car prices increased by 2.2% and transportation services by 4%.

Varied goods and services prices increased by 2%, which represents a 0.05% increase in CPI compared to July due to the rise in the price of gold by 7.2% and personal care products by 2.2%.

 

 

Topics: CAPMAS inflation

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