Egypt's inflation rate in 2013 up 10.3%

CAMPAS head Abu-Bakr el-Gendi Egypt's inflation rate leapfrogged by 10.3 percent in 2013 in comparison with 2012, said the Central Agency for Public Mobilization and Statistics (CAPMAS). The monthly inflation rate of December 2013 inched down by 1.3 percent in comparison with November.
In statements to MENA on Thursday, CAMPAS head Abu-Bakr el-Gendi said 2013 has witnessed an economic slowdown, unstable security conditions and a drop in economic growth rate by 2 percent as well as the employment rate.
He added that the shrink of direct investments had clouted economic indicators in Egypt over the past year.
He said that the rise in hard currency exchange rate, especially the dollar, in addition to upping some commodities' prices, have largely contributed to upping inflation rate.
Prices of food and beverages dropped in December by 1.8 percent compared to the previous month, but upped by 18.1 percent compared to the corresponding period of 2012, Gendi said.
Source: MENA