PM: Prices have risen, but so have incomes

Inflationary trends in the local economy have been accompanied by increases in workplace wages, Prime Minister Ahmed Nazif said on Wednesday.

Nazif made the statement at an event sponsored by the Federation of Egyptian Chambers of Commerce.

"Average annual salary increases currently range between 2 and 4 percent," the PM said.

In March, an Egyptian court called for the government to set a national minimum wage that took rising costs of living into consideration.

Egypt's annual inflation rate has maintained a slight downtrend since peaking at 23.6 percent in August 2008. The rate has continued to decline after beginning the year at 13.6 percent.

The Central Bank of Egypt announced last month that it would maintain key overnight interest rates for a seventh successive time, one day after the government had declared that national economic growth had reached an annual 5.9 percent.

Translated from the Arabic Edition.

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