(AFP File Photo)
The latest inflation report issued by the Central Agency for Public Agency for Public Mobilization and Statistics (CAPMAS), on 10 October, indicated that Egyptian core inflation surged by 1.7% in September, compared to 0.14% in August.
The report added that the Year-on-Year (YOY) inflation reached 11.15% this month, compared to 8.97% during the preceding month.
Mahmoud El-Askalani, the president of the Citizens Against Price Rises Association, said that the government’s initiative to impose mandatory prices to fight overestimated prices by merchants was definitely a positive step towards fighting the “illusion inflation rate”.
On defining the illusion inflation rate, El-Askalani said “This is the inflation caused by the attempts of the merchants to maximise their profits which leads them to increase the prices of the demanded commodities [rather than an economically influenced inflation].”
“On average, there are 200 cases filed against merchants who unjustifiably raise the prices of demanded goods,” he added.
He pointed out that the rise the country is witnessing in the inflation rate is stable, adding: “The inflation rate was expected to rise even higher after the government’s average income announcement last month yet that did not happen.”
Headline CPI increased by 1.57 percent in September, compared to 0.68 percent in August. The annual rate inflation increased to 10.15 percent in September, compared to 9.74 percent in August.
