Egypt Inflation Bites
World Economy

Egypt Inflation Bites

The Egyptian economy is tabled for slower growth as high inflation dogs consumers, analysts said, Anadolu Agency reported. “Inflation is above peers and is forecast to remain near 10%, with structural rigidities aggravated by exchange rate depreciation,” credit ratings agency Fitch said in a recent report. Egyptians spend 40% of their income on food on average, according to a report released by the independent Egyptian Center for Economic Studies on Dec. 14. “The country is widely known to be the world’s largest importer of wheat, in an economy heavily dependent on foreign production. With the value of the Egyptian pound falling 11% since January, Egyptians have had to cough up more for foreign goods, and the market has reacted. Increasing food prices have been a key element driving annual inflation on the price of urban consumer goods up to 9.7% in October, the highest level in recent years,” according to the report. Growth is forecast at about 4% in 2015, up from 1.5% last year.


Short URL : http://goo.gl/yLgYtE
  1. http://goo.gl/Lisk2c
  • http://goo.gl/XbQzt4
  • http://goo.gl/yM8Iok
  • http://goo.gl/wia86R
  • http://goo.gl/OeGMHL

You can also read ...

In a retaliatory move, President Recep Tayyip Erdogan’s government on Wednesday announced higher tariffs on some US imports, namely on passenger cars (120%) and leaf tobacco (60%).
Turkey has raised tariffs on some US imports, including...
World trade volume growth peaked in January at almost 5.7% year-on-year but nearly halved to less than 3% by May.
Cyclical indicators point to slower and more uneven growth in...
File picture of Kim Jong-un (L) and Moon Jae-in at the truce village  of Panmunjom, South Korea.
South Korea President Moon Jae-in on Wednesday offered a bold...
Moody’s Predicts Slower Fiscal Progress in S. Africa
South Africa’s fiscal consolidation will be slower than the...
China Challenges US Solar Panel Duties
China says it is challenging a US tariff hike on solar panels...
Nigeria CPI Drops to 11.14 Percent
Nigeria’s National Bureau of Statistics says the consumer...
Sudanese Hit by Bread Shortages
Bread shortages have hit Sudan, with wheat traders blaming a...
Transport tickets and fuel have driven up costs for consumers.
Inflation in the UK climbed in the month of the July, as had...