Government statistics agency CAPMAS on Monday revealed that the national inflation rate had risen by 0.9 percent in April, compared to the same month last year, to reach 11 percent. The agency attributed the increase to soaring foodstuff prices, especially for meat and poultry.
CAPMAS went on to note that vegetable prices had risen by 45 percent during the same period, fruit by 25.9 percent, sugar by 22.9 percent, and dairy products by 8.5 percent. Fish prices, meanwhile, fell by 0.7 percent.
Experts projected that the inflation rate would reach 13 percent by year-end due to rising global prices.
“The meat crisis has affected prices for all other proteins,” said economy expert Riham el-Dessouqi, warning that the rate could continue to rise throughout the month of May.
Economy expert Pascent Fahmy called for a government iniatiative aimed at increasing Egypt’s gross domestic product. “We import too much raw material and commodities, while foreign currency income is declining with decreasing tourism from Europe,” she said.
Meat and poultry importers attribute the price hikes to the failure by government veterinary committees to inspect imports in a timely fashion, which, they say, has served to deplete inventories.
“Diminishing strategic stocks of dairy products, meat and poultry will reduce supply and increase demand within the next two months,” said food importer Ahmed Saqr. “So we can expect prices to rise further.”
Translated from the Arabic Edition.
