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Egypt to see significant decrease in prices of 9 basic commodities soon: Official

The Secretary General of the Federation of Chambers of Commerce, Alaa Ezz, announced a significant decrease in the prices of nine basic commodities, starting Sunday.

In a telephone interview on the Sada El Balad channel on Tuesday he explained that starting next week, there will be significant, and tangible decreases in the prices of nine basic commodities, in coordination with the government and merchants.

The nine basic commodities include oil, sugar, rice, pasta, beans, and dairy products. Large quantities of these goods will be pumped on market as well, he added.

Ezz explained that the customs authorities released raw materials at the ports to achieve an abundance of goods on market.

“When the October 6 holiday ends, prices will have dropped,” he assured.

The prices of other commodities will be received after, he said, adding that there will be oversight from the chambers of commerce, in addition to government oversight from the state, to ensure the official prices are adhered to.

The state manufacturers, and merchants agreed on an initiative to reduce commodity prices, in coordination with the Central Bank at a cabinet meeting on Wednesday.

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