Report: inflation fell to 11.8% in 2009

According to recently-released official figures, Egypt’s inflation rate fell to 11.8 percent in 2009 compared to 19.2 percent in 2008. Experts, however, project an increase in the rate this year due to rising prices of energy and consumer goods.

A report issued Sunday by the Central Agency for Public Mobilization and Statistics also revealed that the inflation rate fell from 14.6 percent in November of last year to 13.1 in December, due mainly to falling prices for certain consumer goods during the period.

Economy expert Sherif Sami expects economic recovery in China and India to increase imports from these countries, adversely impacting local Egyptian market prices–especially in light of rising local unemployment figures and dwindling remittances from Egyptians working abroad. "Investing in corporate stocks for foodstuffs and consumer goods, the prices of which are on the rise, remains the safest means of investment in the money market," said Sami.

Translated from the Arabic Edition.

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