Gov’t to launch price tracking app: The government has developed a mobile application to enable users to view and report commodity prices — dubbed Price Radar — according to a cabinet statement. The app will allow users to look up and compare prices of goods in stores nearby. It does so by allowing users to input details such as item prices along with the store and location in which they were found.

And an app for consumers to lodge complaints is also in the works : The Information and Decision Support Center is working with the Consumer Protection Agency to develop a separate app that enables users to submit complaints about goods being offered on the market.

The war on commodity prices seems to be working: Commodity prices in commercial chains have dropped 9%-29% across 23 governorates within a week of the government directing local manufacturers, suppliers, and retailers to gradually slash prices by up to 30% by the end of the Eid Al Fitr holiday, according to the statement.

Authorities expect prices to dip further: Commodity prices will continue to fall after Eid as the gradual release of goods from our ports boosts supply and helps stabilize prices, according to Supply Minister Ali El Moselhy. On the same basis, Federation of Egyptian Chambers of Commerce head Ahmed El Wakeel also forecasted that the sugar crisis will come to an end in the middle of the month.

EGYPTIAN GRAIN SHIPS ARE BEING HELD IN RUSSIA-

Grain ships held up in Russia: Two Egyptian ships loaded with wheat have been denied permission to set sail by Russian authorities, who say they do not hold the correct documentation, Supply Minister Ali El Moselhi told Bloomberg. The two ships, which were meant to depart at the end of March, are currently held at Russian ports while Egypt is in communication with Russian embassy officials regarding the issue, El Moselhi said.

The why: The ships are carrying wheat from Grainflower DMCC, an export partner of Russian trader TD Rif, which has seen its exports blocked and is under investigation by a Russian industry watchdog on the basis of grain safety and quality inconsistencies. The feud is part of the Kremlin’s efforts to increase its control over exports following its invasion of Ukraine in 2022 and enforce an unofficial minimum price for its grain, according to an earlier report.

EZZ STEEL SLASHES PRICES-

Steel prices down nearly 24% in under six weeks: Ezz Steel on Thursday again slashed the price of its local rebar by EGP 5.8k per ton to EGP 40.7k — inclusive of 14% VAT — marking its second price cut since February, a source at the company told Enterprise. The price of flat steel from the company is also down 27% in the same period

You can thank the stronger EGP: The strengthening of the local currency against the greenback has helped reduce production costs and has offset the rise in natural gas prices. The company is also expecting the EGP to strengthen further and has penciled in the USD falling to EGP 45, Al Mal reports, citing an unnamed company official.

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