Madbouly: Commodity Prices to Drop after Eid

The Egyptian PM Mostafa Madbouly stressed the importance of another wave of declines in prices after the Eid, especially after the availability of foreign currency, and demands regarding the release of goods from the banking system are met.

The Egyptian PM Mostafa Madbouly chaired a meeting, Thursday to follow up on the outcomes of the Supreme Committee for Controlling Markets and Commodity Prices, in the presence of Ali Al-Moselhi, Minister of Supply, Hala Al-Saeed, Minister of Planning, and Ahmed Samir, Minister of Trade and Industry.

Madbouly stressed that the government is following up and monitoring the situation of the decline in prices, adding: “We will deal with any challenge, and what is important is that prices decrease, and that the citizen feels this."

On his part, the Minister of Supply presented a list of the declines that occurred in the prices of a group of commodities during the last period, including the prices of rice, pasta, oil, beans, cheese, flour, and others, reviewing the prices of these commodities in a number of commercial chains, noting that we will witness successive declines in the prices of goods in various grocery stores and supermarkets during the coming period.

The Minister of Supply pointed out that the volume of goods and merchandise released from the ports successively will contribute significantly to increasing the volume of supply of goods in the markets and creating a great balance in prices, reassuring everyone that commodity declines will increase after the Eid.