PM Follows Up on Recent Developments of Price Reduction InitiativeSource: www.export-egypt.com 6/24/2024, Location: Africa |
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Egypt's commercial chains have seen a series of price reductions since the initiation of the price reduction initiative.
The Cabinet's statement reveals that these reductions have varied between 5.7 percent and 32.5 percent. Similarly, retail stores have also experienced positive outcomes, with strategic goods witnessing significant decreases ranging from 4.2 percent to 25.1 percent. These came during a meeting chaired by Prime Minister Mostafa Madbouly, focused on monitoring market control measures and commodity prices. Madbouly emphasized that these efforts have contributed to a decline in inflation rates. Furthermore, he highlighted the government's unwavering commitment to collaborating with the banking sector to ensure sufficient foreign exchange reserves for the acquisition of diverse goods. These collective actions play a crucial role in maintaining price stability. Recent data from the Central Agency for Public Mobilization and Statistics (CAPMAS) indicates a noteworthy decrease in Egypt's annual headline inflation rate. In May, the rate fell to 27.40 percent from April's 31.80 percent. This decline follows a consistent pattern, as March witnessed a 1.30 percent decrease from the previous month, bringing the annual headline inflation rate down to 33.10 percent. |
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