{"id":617664,"date":"2024-03-26T00:00:00","date_gmt":"2024-03-26T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/govt-launches-initiative-to-cut-commodity-prices-by-up-to-30\/"},"modified":"2024-03-26T00:00:00","modified_gmt":"2024-03-26T00:00:00","slug":"govt-launches-initiative-to-cut-commodity-prices-by-up-to-30","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/26\/govt-launches-initiative-to-cut-commodity-prices-by-up-to-30\/","title":{"rendered":"Gov\u2019t launches initiative to cut commodity prices by up to 30%"},"content":{"rendered":"

The war on commodity prices continues: <\/strong>The government has directed local manufacturers, suppliers, and retailers to slash commodity prices by up to 30% over a series of meetings between the Supply Ministry, the Federation of Egyptian Chambers of Commerce, and the Federation of Egyptian Industries, according to a cabinet statement<\/a>. Some businesses are set to reduce prices by 15-20% this week as they work to gradually ramp up the price cuts to 30% following the Eid Al Fitr holiday.<\/p>\n

Changes across the board:<\/strong> Prime Minister Mostafa Madbouly met with manufacturers, producers, and suppliers of commodities \u2014 including sugar, grains, rice, wheat, flour, pasta, tea, dairy, cheese, butter, meat, and oils \u2014 as well as those involved in engineering and electronic goods and representatives of commercial chains to discuss the initiative, which together account for over 70% of the market, according to the statement.<\/p>\n

A bid to rein in inflation: <\/strong>The only way to break the inflationary cycle is to introduce price cuts for major commodities that are proportional to the decline of the USD-EGP exchange rate on the parallel market, Madbouly said. <\/p>\n

But the recent fuel price hikes could add to inflationary pressures:<\/strong> Inflation is expected to rise by a monthly rate of 1.5% in March and 3-4% in April primarily on the back of the f<\/a>uel price hikes<\/a> imposed by the government over the weekend, CI Capital Holding Senior Economist Sara Saada told Al Arabiya Business (watch, runtime: 5:32<\/a>). These knock-on effects could extend well into May, she added.<\/p>\n

ICYMI: <\/strong>We heard<\/a> on Sunday that Prime Minister Moustafa Madbouly directed the government to study a plan to ramp up strategic reserves of basic commodities by 20% in a bid to stabilize commodity prices \u201cin the event of a crisis.\u201d The day before, President Abdel Fattah El Sisi also suggested<\/a> that the government could earmark USD 1-3 bn to import essential commodities to compete directly with the private sector in a bid to lower prices.<\/p>\n","protected":false},"excerpt":{"rendered":"

Businesses are set to reduce prices by 15-20% this week as they work to gradually ramp up the price cuts to 30% following the Eid Al Fitr holiday.<\/p>\n","protected":false},"author":1,"featured_media":617665,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,564,777],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-617664","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-food","tag-supply-ministry","wpautop","entry"],"acf":{"mongo_id":"2d637305-5938-4ad5-b7e6-318cad8bf8f7","is_powered_by":false,"story_type":"1","photo_url":"https:\/\/ent.news\/2024\/3\/2304.jpg","photo_position":"above","homepage_title":"","full_issue_title":"Gov\u2019t launches initiative to cut commodity prices by up to 30%","related_issue":[617659],"teaser":"Businesses are set to reduce prices by 15-20% this week as they work to gradually ramp up the price cuts to 30% following the Eid Al Fitr holiday.","voice_url":"https:\/\/s3.us-east-1.amazonaws.com\/ent.news\/audio\/2024\/3\/.eb8924b6-8e7e-40fd-85cb-00704c9b5746.mp3"},"yoast_head":"\nGov\u2019t launches initiative to cut commodity prices by up to 30% - 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Representatives from the Consumer Protection Agency, the Federation of Egyptian Industries, and the Federation of Egyptian Chambers of Commerce will decide prices for between 10\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/12\/384.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":617833,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/03\/28\/juhayna-slashes-prices-by-15-18\/","url_meta":{"origin":617664,"position":2},"title":"Juhayna slashes prices by 15-18%","author":"enterpriseam admin","date":"28 March 2024","format":false,"excerpt":"The move came after the gov\u2019t agreed with suppliers and retailers to cut prices by 15-20% this week","rel":"","context":"In "Also on our Radar"","block_context":{"text":"Also on our Radar","link":"https:\/\/enterpriseam.com\/egypt\/category\/also-on-our-radar\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/3\/2531.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":644903,"url":"https:\/\/enterpriseam.com\/egypt\/2017\/07\/06\/on-the-horizon-184\/","url_meta":{"origin":617664,"position":3},"title":"On the horizon","author":"enterpriseam admin","date":"6 July 2017","format":false,"excerpt":"Supply Minister Ali El Moselhy will be meeting with food producers and distributors next week to negotiate ways to keep shipping and transport costs low. This comes as the Interior Ministry is reportedly leading its own price control initiative to help keep commodity prices low in light of the government\u2019s\u2026","rel":"","context":"In "ON THE HORIZON"","block_context":{"text":"ON THE HORIZON","link":"https:\/\/enterpriseam.com\/egypt\/category\/on-the-horizon\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":594182,"url":"https:\/\/enterpriseam.com\/egypt\/2019\/10\/22\/wider-ownership-of-egp-100-mn-company-managing-egyptian-commodity-exchange\/","url_meta":{"origin":617664,"position":4},"title":"Wider ownership of EGP 100 mn company managing Egyptian Commodity Exchange?","author":"enterpriseam admin","date":"22 October 2019","format":false,"excerpt":"Wider ownership of EGP 100 mn company managing commodities exchange? The Supply Ministry will begin next week the procedures to set up the EGP 100 mn company that will manage the Egyptian Commodity Exchange, Supply Minister Ali El Moselhy tells Al Mal. The company will apparently be owned by the\u2026","rel":"","context":"In "Speed Round"","block_context":{"text":"Speed Round","link":"https:\/\/enterpriseam.com\/egypt\/category\/speed-round\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":614105,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/01\/28\/hedging-is-off-the-table-for-wheat-contracts-el-moselhi\/","url_meta":{"origin":617664,"position":5},"title":"Hedging is off the table for wheat contracts - El Moselhi","author":"enterpriseam admin","date":"28 January 2024","format":false,"excerpt":"Egypt\u2019s strategic reserves of wheat currently stand at 4.2 months","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2023\/10\/913.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617664","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=617664"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/617664\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/617659"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/617665"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=617664"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=617664"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=617664"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=617664"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=617664"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}