Madbouly directs Planning Minister to identify inflation-driving commodities

Updated 5/19/2024 7:22:00 AM
Madbouly directs Planning Minister to identify inflation-driving commodities

Arab Finance: Egyptian Prime Minister Mostafa Madbouly has directed the Minister of Planning and Economic Development Hala Elsaid to identify the commodities that would contribute to heightened inflation in Egypt, as per a statement.

During a controlling market and commodity prices committee meeting, Madbouly emphasized the government's commitment to achieving low inflation rates and the importance of stabilizing prices to ensure economic stability.

For his part, the head of the Information and Decision Support Center (IDSC) Osama Elgohary revealed that strategic commodities have witnessed notable price reductions ranging between 14.4% and 26.4% at market chains since the launch of the price control initiative.

Meanwhile, strategic commodity prices fell relatively at retail stores by 4.7% to 25.3%, with the average decline in

packaged sugar price standing at around 20.5%, while the average drop in packaged rice price is nearly 20.1%, according to Elgohary.

In March, Madbouly urged all ministries, concerned authorities, and regulatory bodies to assign teams that check markets to ensure prices of key commodities are cut as agreed with traders.

Related News