The Assistant Prime Minister and head of the Cabinet’s Information and Decision Support Centre (IDSC) Osama El-Gohary announced that the Egyptian government plans to develop an AI-based system to predict crises in the local market.
The system will focus on predicting price hikes of commodities and staples to enable the government to take necessary measures.
The Assistant Prime Minister also explained the key steps that the committee will take to control prices. The first step will involve registering companies and collecting data from authorities regarding production, consumption, inventory, exports, and imports. This data will determine fair prices, measure profits, and establish mechanisms for distribution, which enhances oversight and control.
Furthermore, an early warning system will be established to monitor the market in two stages. The first stage will provide composite indicators for follow-up, while the second stage will employ predictive AI techniques. The system will help the government to take proactive measures against any potential price hikes.
In 2023, the Egyptian government intensified efforts to control soaring price levels by setting up price control committees and launching a price reduction initiative in October. As part of these efforts, seven essential food items were classified as strategic commodities to regulate prices. In December, the government recommended that prices be printed on all commodities produced in factories to prevent exaggerated increases imposed by intermediaries between producers and consumers.
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