Minister of Supply Khaled Hanafy promised that the value increase of the dollar against the Egyptian pound will not affect the prices of basic commodities for consumers.
Hanafy explained that the ministry-affiliated consumer complexes have put price caps on the products they sell to ensure price stability, he said in a statement.
Meanwhile, citizens reported increases in the prices of basic commodities. A grocery store owner in the Dokki neighbourhood, Emad Saber, said the price of cooking oil per bottle increased from EGP 9 to EGP 10, and rice increased by EGP 2 per kg.
“The prices increased as the purchase price from traders and distributors increased,” Saber said.
Last Monday, the Central Bank of Egypt (CBE) increased the value of the US dollar against the Egyptian pound in the official market to EGP 8.85.
The Association of Citizens Against Price Rises expected the move to increase the price of commodities and the rate of inflation.
Eligible Egyptian citizens can receive subsidised food products from supply grocers; the state is spending EGP 34bn this fiscal year on subsidies of this kind. However, some commodities, such as rice and cooking oil, were reported to be scarce over the past three months.