CAIRO - 4 April 2024: Prime Minister Mustafa Madbouly chaired a meeting on Thursday to follow up on the outcomes of the High Committee for Market Control and Commodity Prices.
At the outset of the meeting, the Prime Minister emphasized his interest in holding this meeting weekly to periodically monitor market dynamics and commodity prices.
He noted the recent declines in prices, consistent with the government's recent steps and measures, in collaboration with the banking sector, to provide foreign currency, which contributes to increasing the release of goods and commodities during this period.
He affirmed that the government is monitoring and observing the situation of price declines, adding, "We will deal with any challenge, and what matters is that prices decrease, and citizens feel this, in implementation of the directives of the President in this regard."
Madbouly emphasized the importance of witnessing another wave of price declines after the holiday, especially since matters are currently stable in terms of foreign currency availability, and any demands regarding the release of goods from the banking system are being met.
For his part, the Minister of Supply and Internal Trade, Ali El-Moselhi, presented a list of declines that occurred in the prices of a range of commodities during the past period, including rice, pasta, oil, beans, cheese, flour, and others, reviewing the prices of these commodities in a number of retail chains. He pointed out that we will gradually witness price reductions in various grocery stores and supermarkets in the coming period.
The Minister of Supply also pointed out that the volume of goods and merchandise released from ports successively will significantly contribute to increasing the supply of goods in markets and creating a significant balance in prices, reassuring everyone that commodity prices will further decrease after the holiday.
During the meeting, the Minister of Planning, Hala El Said, noted that the next period will witness significant stability in the prices of various commodities, adding that we currently have clear indicators regarding the prices of a large number of commodities, and we will work on increasing the number of commodities monitored regularly.
President of the Federation of Egyptian Chambers of Commerce (FEDCOC),Ahmed El-Wakil, on the other hand, confirmed the decline in prices of a large number of commodities, especially in retail chains, indicating that regarding the "sugar" issue, it will be completely resolved by the middle of April, given the availability of large quantities of it.
He pointed out that market mechanisms are currently returning to normal, and with more availability of goods, prices will decrease further.
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