Egypt’s Prime Minister, Mostafa Madbouly, has proposed the establishment of permanent markets for the sale of goods at affordable prices, akin to the “Ahlan Ramadan” (Welcome Ramadan) and “Ahlan Madaris” (Back to School) fairs.
This proposal was made during a Monday meeting of the Supreme Committee for Market Control and Commodity Prices, which focused on price monitoring and strategies to ensure the availability of affordable goods.
The meeting underscored the importance of addressing price fluctuations and ensuring the availability of essential commodities for consumers.
Osama El-Gohary, Assistant to the Prime Minister and Head of the Information and Decision Support Center (IDSC), presented a report on recent market monitoring. The report indicated that prices of key food staples, such as pasta, oil, bottled milk, rice, and sugar, remained stable during August. However, it also noted price increases in some commodities, such as eggs and lentils.
El-Gohary also discussed the monitoring of prices for fish, meat, poultry, eggs, agricultural fertilizers, and basic food items like fava beans and ta’meya (falafel) sandwiches. The report further assessed the prices of strategic commodities in retail chains, stores, and outlets.
Several initiatives aimed at improving market monitoring and price tracking were highlighted, including the “Consumer Protection Authority” app, which allows consumers to submit complaints and track their status.
The app also provides information on goods and services available in the market, including product specifications, consumer rights, complaint procedures, and updates on Consumer Protection Authority activities.
He also discussed the “Price Radar” app, which is under development, designed to monitor market prices nationwide and report any violations.
The meeting also discussed the “Forecasting System,” a comprehensive information system designed to monitor commodity prices and combat monopolies. Leveraging statistical models and deep learning techniques, the system aims to accurately predict the prices of food commodities, assisting decision-makers in controlling and regulating prices.
Ahmed El-Wakil, Head of the Federation of Egyptian Chambers of Commerce, confirmed that all essential commodities were currently abundant in the market, with supply exceeding demand. He also highlighted that prices of staple food items have been stable in recent months.
El-Wakil noted the federation’s collaboration with the Ministry of Agriculture and Land Reclamation and other relevant entities to promote the “One-Day Market” concept. He emphasized that this initiative would benefit consumers as most fruit and vegetable trade is currently informal and unregulated.
Rania Al-Mashat, Minister of Planning, International Cooperation and Economic Development, commended the IDSC’s efforts in market monitoring and proposed price control measures.
She recommended that the Supreme Committee develop effective mechanisms to monitor the implementation of these measures, which include developing supply chain systems, improving customs procedures, digitizing and regulating commodity markets, combating monopolistic practices, encouraging competition, and expanding agricultural and food production.
Al-Mashat also stressed the importance of integrating databases between the IDSC and the Ministry of Supply and Internal Trade, along with the Federation of Egyptian Industries, the Chambers of Commerce, the Ministry of Planning and Economic Development, the Central Agency for Public Mobilization and Statistics, and the Central Bank of Egypt.
This integration would cover production, export, and import data, including data on food production and distribution companies registered with the Ministry of Supply and Internal Trade.
The data would be integrated with a geographical information system for commodities, field monitoring, and the “Price Radar” application to monitor any unjustified price increases in the market.
Al-Mashat emphasized that this integration would facilitate early detection of commodity crises by identifying unjustified price increases compared to fair prices, early identification of any production shortages or areas underplanted, and early detection of commodities withheld from the market by monitoring inventory levels.
The integrated system would also monitor the circulation, distribution, and sale of goods from production to the consumer.
Ibrahim El-Segeny, head of Egypt’s Consumer Protection Agency, stated that the strategic commodities had seen price decreases recently, although there had been increases in the prices of eggs and lentils.
He also discussed the current price situation for vegetables and fruits, noting an increase in the price of some vegetables while confirming a decrease in the price of poultry. He added that meat prices have remained relatively stable.
El-Segeny highlighted the significance of the Consumer Protection Agency app in enhancing communication with citizens and handling consumer complaints.
Alaa Ezz, Secretary-General of the Federation of Chambers of Commerce, confirmed that August saw a clear abundance of essential and non-essential commodities in the market.
He attributed this to the efficient management of banks and swift clearance procedures for goods and raw materials, as well as increased competition among producers, importers, and retail chains. He highlighted that retail prices have shown a degree of stability.
The Minister of Local Development welcomed the initiative, assuring that governors would provide the required land, while the Chambers of Commerce would organize the fairs, ensuring that goods are offered at reasonable prices.
