2 days ago
Price cuts underway across Egypt, says trade federation report
Egyptian Prime Minister Mostafa Madbouly has reviewed a report from the Federation of Egyptian Chambers of Commerce on the progress of a recent initiative to lower prices on a wide range of goods and services across the country.
The report, reviewed on Monday, outlines the implementation of an action plan agreed upon during meetings between the prime minister, the trade and industry federations, and major producers and retail chains.
According to the report, provincial chambers of commerce have begun implementing initiatives to provide discounted goods, with price reductions already underway in most governorates.
The start of the 'Summer Sale' was brought forward to Aug. 4, with 2,134 stores participating, a 33% increase over the past week. These stores are offering discounts ranging from 10% to 50% and are set to continue through the back-to-school season.
The Ministry of Supply, through the Holding Company for Food Industries, is offering discounts of 5% to 18% on 640 food items it produces and imports, available at its network of over 1,000 consumer complexes and outlets nationwide.
In parallel, producers and importers, in cooperation with all major retail chains, are offering discounts of 5% to over 20% on many food and consumer goods, with some items seeing reductions of up to 24%.
The report noted a continued average decrease of about 10% in the prices of vegetables and fruits. A large number of producers and importers of electrical and home appliances have also begun offering discounts ranging from 5% to 35%, with many participating in an initiative to provide long-term financing with no down payment.
Prices for school supplies have been reduced by 10% compared to last year, and an initiative is underway to lower the prices of computers and their accessories, also with long-term financing options.
The report also stated that the prices of local and imported cars, both new and used, have been reduced by 10% to 20%, again with long-term financing available.
The report confirmed the continued expansion of 'one-day markets' organised by the ministries of supply and local development in cooperation with the chambers of commerce. More than 120 such markets have been set up across all governorates, providing goods directly from the producer to the consumer, thereby reducing repeated handling and transport costs by up to 15%.
The report also monitored stable wholesale prices for wheat, flour, and sugar, and noted that the prices of poultry and meat have decreased, while dairy and egg prices have stabilised after previous declines.
The report anticipates that the prices of goods will continue to fall due to the ongoing decrease in wholesale prices and a large surplus in both production inputs and finished goods, coupled with lower purchasing power and increased competition.
