CAIRO: The Cabinet decided Wednesday to lower the prices of certain goods by 10 to 15 percent in the period of April 5 to 15 in all consumers’ cooperative supermarkets affiliated to the Egyptian Food Industries Holding Company.
The price reduction includes goods such as cooking oil, rice, pasta, flour, sugar, meat, fish, chicken, as well as dairy products like juices and sodas.
“Development of the consumer’s cooperative supermarkets is one of our top priorities during the next period, for the purpose of improving their performance, efficiency and competitiveness as popular outlets for citizens,” the Cabinet said Wednesday.
“The rise in imports and the recession of exports also led to the increase in the prices of goods at an alarming rate,” Farag Abdel Fattah, a professor of economics at Cairo University told Rassd News Network on Wednesday, noting that “despite the increase in salaries and monetary units, citizens are still suffering from weak purchasing power due to the increase in prices.”
Egypt’s food subsidies are expected to reach 30 billion EGP (U.S. $4.31 billion) in 2014, Reuters reported Minister of Supply Khaled Hanafi as saying, adding that he “pledged to tackle a smuggling ‘mafia’.”
Further, on March 3, Minister of Supply Khaled Hanafi had told ONA that foodstuffs sold in supermarkets would become available in government subsidized outlets at lower prices in order to suit the income of Egyptian citizens.
The Central Agency for Public Mobilization and Statistics Inflation (CAPMAS) reported on March 3 that the inflation rates rose by 1 percent from January to February to hit 146.4 points against 145, said, adding that the annual inflation rate rose by 10.2 percent compared to February of 2013. CAPMAS also attributed the rise in monthly inflation to the increase of the food and beverages prices.