DAILY'TRUST Frid~lOMgUSI· lO:~Jl I ~2 L:::,_. _ _ _ _ _........_~~---........- - - - - - - - - - -
Business/I nternationa I Egypturban inflation slow5 to 6.4%in July EGYPT'!; urhan consumer infbtione~ctllo6.lperu:ntin the 12 months to ILly from 7.2 percent
in June, figures from Egypt's slate statistics ag~n ';y showed yesterday. The urban consume r price inde,. for JU lY was 123.3 versus 115.9 in the same month a year earlier, the agency CAPMAS . 5:lid. (Rt uleJ $) ,
Angolaconsumer infiation slows to 10,02% in July , ANGOLA'S annual consumer inflation sto'-Td.to 10.92 percent rea[+(in - year i nJuly~m 10.11 perccnt in lun l~ the Nalionat Sta-
tistics IOilitHIc (INE) said yesterday. Monili-<!1 -mol"lth inflation slowed to 0.66 percent in July from 0.68 loercent in June. the INEadded in ~ statement (Ileuten)
Ivory Coast inflation rises t o 1.7' %
Potential grows for food crisis as prices surge: UN
tri~- Abbassian said. THE world could face a food crisugar pric~ while meat ana dairy exports of foods including ri ce. prices were little changed, the FAa Charity Oxfam said that the sis of the kind seen in 2007/OS com and wheal surge in prices ro uld drag milYEAR-ON' YEAR inflation in if countries restrict exports-oil The rc;trict ions rC'ducni sup...<1. JvoryC<last rese to I.; percent in concerns about a drought-fuelled It said the drought, whidl lions of people around the world plyon international mark.C'ts.helpJuly from 1 I"!rcent in June, figing 10 drive prices even higher. is the worst to hit the Midwest in 56 into conditions of hunger and grain price rally. the UN's food malnourishment, in addition to Grain markcts have bec:n years. had pushed up com prices ures from tJle National Statistics agency warned )'C'Stt:rday, ;Uter reporting a surge In global food boostC'd recently by speculation by almost 23 patent in July, and nC'3J"ly one billion who are already Institute sh, ,"cod yeste rda y. international wheat prices had too poor 10 feed themselves.. The mOlllhly report showed prices in July. that nlack Sea grain producers, -These price hikes are being food ~nd ~,ft drink prices rose fonowed, rising about 19 percent A mixofhighoilpricc:s.growparticularly Russia, might impose driven by more than just a drought 2.1 percent, pnwer, gas and water Ing use ofbiofuds. bad weather, nport rc;trictions after a drought amid worsening output prospects. in the US com-belt and problem soaring grain futures mmeu and pric;.t:~ climbed 2_7 percent, and there hit crops. Although below a peak of238 harvests elsewhere.. Our food syscon'im unicati,m rost$ slipped 3.3 restrictive export policies pushed ltm should be more resilient than percent. M t-'3. lwh.ile, healthcare up prices of food in 2007/08, this." axfam spokesman Colin prices tlecl!nt-d 2.5 pe rce nt and sparking violent protests in counRoche said in a statement tries including Egypt, Cameroon transport~.u up 1.6 percent. Roche said governments and Haiti. IvoryC~ al"'S eco nom y makes needed to invest more in smaUup around 40 percent of the Concern about extreme bot ill holder fanners, reconsidc.r biofud eight-n :ltioll West African CFA and dry weather in tJle U.s. Midpolicies and .make more effort to west se nt com and soybean prices franc ~ITC'tCY zone. (Reuters) to record highs last month, drivtackle climate chan~ . The FAa's Abbassian said the ing overall food prices hi gher ~g yp't's situation wa..s still quite differe nt again and re:versing the Food and from' 2007/08, when crude oil Agriculture Organisation's fore:prices were at reco rd le~ls. add'cast for declines this year_ ' ing to farmel"li' costs. -Th~ is potential for a situa- . . Abundant supplies of rice and tio n to tkvdop Uk We' had bad: in ·.Mluuts drew a Iitlie comfort· ' points in _liebruary ,2{) II,. when 2007/08~ the FAa's scnioreconohighfood prices hdped drive the slUggis h C'Conomic growth should from offic~ R.W.siar(tornmeots AmbSpring uprisings in thc.Mid- 'alscrease the upward pmsure on mist and grain anaI)'5t Abdolru.a on Wetln~ay::tJ\:il' the! country D'O g(roUitds lo~ban grain die' East. and .North· Africa. -lhe . pdces,. but'a lot will depend on· 'I . Abbassian told Reuteu. REVENUt from · Egypt's Suez there: is an apectation that upori:s this ~ but did not Me inan Is still higher now tha'n how the weathC'TdC'Velops for u.s. during the food price crisis ' In : crops and how demand develops Canal rose <l percent to $433.1 this time around We' will not purout protective ~rt tirlffs after in coming months, he said.. 20071oa. miUion In ~ u1y compared to the sue bad politiC'S and intervene in · theelJd of the 20Hcalmdaryear_ -We will have 10 .see·how the ' Higher (00(1 price'S. ' mC'aJI the roam! by ~rictiom.. and If 'The FAa Food Price Index, .previous mor:th, a stale information portal showed yestt:rday. that doesn't happen We' will not -which measures monthly price higher import bills for the poorest high price will raUon demand, and 10 what went, be it lesser' Revenue i n June was $415.9 . see such a saious sltuaUon as counlri~ whlch.do not produce changes for a food. baskt:t of cere:a1s. oUsC'Cds, dalry, mC'31and sugar, enough food. domestically, and a . exports or lesser use for biofuels;" million. In luly201 1 il wasS449.2 2007/08. But ifthosc polides get Abbassian said. repeated, anything is possible'.strong doUar would deepen thal million. a~ragro 213 point.! Iii July, up 6 -What.Ls quite certain is that it The waterwa.y isa vital source percent from 201 points in' June, impact: A numbef of major produc.en -The very stroog appreciais not going to be a season where the FAO said In its'monthly index: o~ fon!ign c .JITency in Egypt, imposed varlolU restrictions 00 prices faUbdow the previousynr, along with t( ourism, oil and gas update'. aporu In an attempt to control tion of the doUar, and the surge in prices, Is basically a double blow which Is what we had anticipa.ttd exports m d remittances from domestic prices In the 2007/0S The rise. which fonowed three It is going to be:: another season of months or declines, was driven which is going 10 be quite slrc:Mfui Egyptinns thing abroad. (Reu-. crisis, induding outright bans as very high prices.- (Reuters) for some o( the more fragile COUIlton) wen as quotas or higher tariffs on mainly by a surge in gnain and
u.s.
~ These price hikes
Suez . <;~\1~1 revenue $433.l m in . J.uly
are b ee ing driven,by more than just a drought ilie ,U S cornb elt anq pi:oblemharVests elsewh ere, Our food system ·shouldbe more.resilient than this · '. ~
saw