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Inflation rates down 1.3% in December: CAPMAS - Daily News Egypt

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Inflation rates down 1.3% in December: CAPMAS

Inflation rates slow down for the first time since May 2013

Inflation rates in December saw a 1.3% drop from November’s statistic, the Central Agency for Public Mobilization and Statistics (CAPMAS) announced on Friday. This was the second monthly decline in inflation rates during 2013, the first being in May, when rates slowed by 0.2% month on month.

The CAPMAS report stated, however, that between January and December 2013, inflation rates surged by 10.3%, adding that the year on year change registered a total increase of 12.5%.

The report indicated that the urban inflation rate also decreased by 1% month on month, but increased 9.5% year on year. Meanwhile, between January and December, the total change came to an 11.7% increase.

Food and beverage prices meanwhile increased by 18.6% compared to the same period last year.

In order to fight rising costs, Minister of Supply Mohamed Abu Shady inaugurated a food market that offers food supplies and commodities at discounts ranging from 15% to 25% earlier in December.

The minister noted that there are plans in the coming months to extend the discounted sale of vegetables, fruits and legumes to all governorates.

In September, the interim government decided to impose a price ceiling on fruits and vegetables to fight merchants’ overstatements of food prices.

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