Prime Minister Mostafa Madbouly has agreed with traders and heads of supermarket chains to gradually reduce commodities prices by around 15% to 20% within 48 hours, as per a cabinet statement.

The prices are set to further fall to 30% after Eid Al-Fitr, Madbouly added.

Madbouly also directed the Minister of Supply and Internal Trade Ali Moselhy, in cooperation with the General Federation of Chambers of Commerce and the Federation of Egyptian Industries (FEI), to prepare a daily report on the reduced prices.

The Prime Minister also urged the need to reach retailers who deal directly with consumers and set a mechanism to reduce prices in all outlets and shops.

On March 19th, Minister of Finance Mohamed Maait announced that the government released essential goods worth $14.5 billion at ports since the beginning of this year.


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