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Tuesday, 20th August, 2019
 Egypt   ::   News
Egypt economy bolsters as inflation subsides
May 09, 2019
Source: Oyedokun Ibukun S.

On Thursday, Capmas, an official statistics agency affirmed that the annual urban customer price inflation in Egypt which was of 14.2 percent in March has deflated to 13.2 percent in April.
He added that down from 0.8 percent in March, the Urban inflation rose 0.5 per cent month-on-month in April. In which urban food and beverage prices saw a rise of 13 per cent year-on-year and 0.5 per cent month-on-month.

Naem Brokerage who had predicted the fall of the headline inflation to 13.2 per cent said in a note on Wednesday that "Based on our analysis, increased efforts made by the government to provide the market with ample supplies of volatile food items [fruits, meat and vegetables] prior to the Ramadan season, has helped cool off the supply/demand pressures on inflation".

Radwa El Swaify, being the head of research at Pharos Securities Brokerage digged out that "This month was the lowest month-on-month increase in three years."
"The figures are lower than our expectations" He said.
Mr Swaify added that "We expect next month';;;s figures to see a rise between 0.5 and 1 percentage points and for current rises in vegetable prices to be reflected" sequel to the IMF-backed economic reform programme been carried out by Egypt since 2016 which saw inflation rise to a high of 33 per cent the following year.

Even with the prolonged inflationary thrusts from the increase in the prices of fruits and vegetable, it has since subsided.

Reuters added that "Continuous increases in fruit and vegetable prices had prompted the interior ministry and the military to sell some basic foods at below-market prices"

This turn around is in respect of what was said last week in the Kenyan Capital, Nairobi by Egypt';;;s Chief Executive and Africa Mark Willis that “Egypt is resurrecting after 10 years of a tough situation,” 
Year-on-year, revenue per available Accor room in Egypt has risen 20 per cent.
He affirmed that "Egypt has overtaken Kenya’s coastal region as the preferred destination for European tourists and investors"

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