Prime Minister Mostafa Madbouly presided over the meeting of the High Committee for Market Regulation and Commodity Prices on Tuesday. The committee, attended by various ministers and officials, discussed crucial aspects of market stability and pricing.
During the meeting, the Prime Minister emphasized monitoring goods availability and price regulation. Notably, the previous period witnessed market stability and some price reductions, contributing to a decline in inflation rates. Looking ahead, efforts will be intensified to enhance goods availability and further reduce prices. Any price increases for commodities will be addressed promptly.
Osama Elgohary, prime minister assistant and IDSC chairperson, presented a report on recent developments and actions taken by the Technical Secretariat. This report included mechanisms for field monitoring of strategic commodity prices, comparing trends to June 2024 levels.
The report highlighted slight price increases in certain goods within commercial chains on 14 July, compared to the average price in June 2024.
Elgohary also shared results from opinion polls on strategic commodity prices. Approximately 86.7% of retail shop owners believe that government measures and initiatives have successfully ensured goods availability, while 65.6% believe these efforts have reduced commodity prices.
Elgohary highlighted the completion of a new Consumer Protection Agency application, which provides data, consumer guidance, and complaint submission features. The application was finished ahead of schedule.
Furthermore, Elgohary elaborated on the spatial geographic information system for monitoring prices and anti-monopoly efforts. This system integrates various spatial layers, including data on essential goods prices, transportation infrastructure, trade agreements, tariffs, quotas, and regulatory measures. It also considers population density, demographics, income, and nutrition indicators across different social and economic strata.
Minister of Supply and Internal Trade Sherif Farouk emphasized ongoing coordination with chambers of commerce and the Consumer Protection Agency. Their goal is to ensure goods reach citizens at affordable prices, maintaining stability in the market.
The Chairperson of the Consumer Protection Agency Ibrahim El-Segini presented the monitoring results across the governorates of the republic. He noted that all governorates confirmed the availability of goods and stable prices, except for a few items such as beans and eggs, which saw slight increases.
Meanwhile, Secretary-General of the Federation of Chambers of Commerce Alaa Ezz pointed out that 185,000 tonnes of beans are currently entering the ports, followed by the local harvest, which will create a surplus in the markets.
Ezz presented a report on the stock levels of various essential goods within Egypt, including those in ports and awaiting clearance. This encompasses oils, grains, sugar, dairy products, tea, meat, eggs, poultry, fish, and wheat.
The report from the Federation of Chambers of Commerce also addressed the status of incoming shipments to Egypt. It detailed those that have already set off or will set off towards Egypt, those that have reached the territorial waters, or those that have arrived at the ports but have not yet been unloaded. The data included the source of each shipment, its contents, load, arrival status, and the receiving port, whether Alexandria, Dekhela, Damietta, or Abu Qir.
Ezz concluded that the shipments that have not yet been unloaded, as well as those that have reached the territorial waters and are heading to Egypt, will add more than two months’ worth of reserves.