PM Madbouly says basic commodity prices decline to 27%



Thu, 18 Apr 2024 - 08:10 GMT


Thu, 18 Apr 2024 - 08:10 GMT

CAIRO -18 April 2024: Prime Minister Dr. Mostafa Madbouly said that commodity prices in the local market are being closely monitored through the price control committee and, generally speaking, prices have actually decreased at the level of all governorates by about 22%, noting that the prices of basic commodities have declined by about 27%, particularly those of oil, sugar, rice and cheese and milk and other dairy products.

During a press conference attended by a number of ministers and representatives of ministries and chambers of commerce Thursday the prime minister said, the price control committee holds its meeting periodically to follow up on efforts exerted for reducing prices in line with directives of President Abdel Fattah El Sisi, with the aim of easing the cost-of-living burden for citizens.

Madbouli pointed out to the decline in commodity prices before Eid al-Fitr holiday by rates ranging from 15 to 20%, promising that the drop in prices will reach 30% after Eid. He asserted that the market follow-up operations and price monitoring will continue, covering all shops and commercial chains nationwide, through more than an affiliated State monitoring authority and the technical committee, represented by the Information and Decision Support Center (IDSC).

He noted that the Minister of Supply and Internal Trade has received instructions to see to it that the price of non-subsidized bread be decreased in parallel with the decline in flour prices at the global level.

Madbouly has directed the ministers and authorities concerned to intensify the monitoring of markets, outlets and commercial chains to control prices, especially those of basic and strategic commodities.

Violators of the measures adopted by the state to reduce prices will be confronted with all decisiveness, Madbouly told a press conference in the presence of several ministers and bodies concerned and representatives of some chambers of commerce.

All legal measures will be taken against any chains or outlets that sell goods at a higher price than the one previously announced, the prime minister stressed.

He added that commodities at a value surpassing $8 billion have been released from ports since the start of economic reform measures.

Madbouly noted that he is following up on the release of goods from ports, noting that measures will be immediately taken by the customs authorities in the case of commodities that are abandoned or not claimed by their owners for over a month.

Madbouly said that 2024 will witness a complete recovery from all the consequences of the economic crisis being witnessed by the country.

The premier said that the price trend is on a downward trajectory and will continue this way in the coming period, given the stable political conditions, foreign currency availability and having factories operating at full capacity.

The local market prices of 300 commodities, and soon a thousand ones, are being monitored in each governorate, he said, noting that some remote governorates still have prices higher than the average recorded in others.

The prime minister stressed the importance of the citizen’s role in reporting places that sell goods at higher than the declared price average, so that action can be taken immediately against them.

He praised the large outlets established by the Armed Forces and the Interior Ministry during the month of Ramadan and the cooperative societies affiliated with the Ministry of Supply and Trade to offer commodities to shoppers at affordable prices




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