22/06/2005
Aker saa Magazine 2005/JUNE /22
The expectation of a price increase by the end of July has caused much discussion among the citizens and experts, whilst the government has been forced to react to the price increase. A report has been announced which reveals statistics related to the current percentage increase of various commodities. ( Available in Arabic – German in PDF )
It is expected that we will witness a price increase by the end of July; a topic that has caused much discussion among the citizens and experts. We continue to observe eccentric and unjustified discrepancies in the prices of all commodities since the floatation of the Egyptian pound in 2003. A report announced by the Chairman of CAPMAS shows statistics related to the current percentage increase of various commodities; stating that the prices of 892 basic commodities and services nationwide have increased by 8.4%. Experts question why the prices in Egypt seize to decrease when the Egyptian pound is gaining strength against foreign currencies; in addition to the fact that world prices are stabilized. Furthermore, the government has increased basic commodities subsidy and slashed tariffs by up to 40% in response to the price increase directly effecting low-income citizens. In addition, the Minister of Supply and Domestic Trade has his say regarding the topic; among which he asserts that the new tax reductions will contribute to increasing growth rate, whilst stating that we are expected to witness the implementation of the new domestic market regulation laws. On his part, Dr. Nader Riad addresses the aspects related to the salary increment, wages, and tax law, as well as how to protect the low-income citizens from price increase.