EGP float reduced consumption of basic commodities by 30%, traders say

The EGP float drove down consumption of basic commodities by 30%, traders told Federation of Egyptian Chambers of Commerce head Ahmed El Wakeel yesterday, Al Ahram reports. This rate of consumption will undoubtedly help ensure sufficient supplies of sugar, oil, and other food staples to meet Ramadan demand, they added. The traders also told El Wakeel that the Supply Ministry’s decision last month to force manufacturers to print the price of sugar on the packaging has caused them to incur losses from not being able to sell imported sugar at a different price from the locally produced product.