By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
DailynewsegyptDailynewsegypt
  • Home
  • Business
    BusinessShow More
    Egypt’s IDA gears up to provide its services for investors online
    Egypt’s IDA gears up to provide its services for investors online 
    March 29, 2023
    Egypt. Germany discuss promotion of cooperation in communications, digital transformation
    Egypt, Germany discuss promotion of cooperation in communications, digital transformation
    March 29, 2023
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
    March 29, 2023
    Volatile trading on EGX amid anticipation of interest rate movement
    Volatile trading on EGX amid anticipation of interest rate movement
    March 29, 2023
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt
    March 29, 2023
  • Politics
    PoliticsShow More
    Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
    Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
    March 30, 2023
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
    March 29, 2023
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    Health Minister, UNODC discuss bilateral cooperation in combating drugs, corruption
    March 29, 2023
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    UAE President appoints Khaled bin Mohamed bin Zayed as Crown Prince of Abu Dhabi
    March 29, 2023
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    Al-Sisi directs development of imams to keep abreast of contemporary issues
    March 29, 2023
  • Interviews
    InterviewsShow More
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    Developers have to offer innovative products, state should provide more facilities to stimulate industry: Kareem Mamoun
    March 27, 2023
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    Government should help Egyptian arts revive its pioneering role: Omar Abdel Aziz
    March 15, 2023
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    Interconnected healthcare systems in Africa require political will from North African leaders: Amref official
    March 12, 2023
    EGX ready for government’s IPOs programme: Chairperson
    EGX ready for government’s IPOs programme: Chairperson
    February 15, 2023
    British International Investment invests $4.5bn in 700 businesses across Africa: Sherine Shohdy
    February 15, 2023
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Reading: Decline in global food prices favours Egyptian economy: National Planning Institute
Share
Notification
Latest News
Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador
Business
Aa
Aa
DailynewsegyptDailynewsegypt
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle
Have an existing account? Sign In
Follow US
  • Advertise
© 2023 DNE News. All Rights Reserved.
Dailynewsegypt > Blog > Business > Decline in global food prices favours Egyptian economy: National Planning Institute
Business

Decline in global food prices favours Egyptian economy: National Planning Institute

Doaa Elboraie
Last updated: 2020/06/03 at 1:46 AM
By Doaa Elboraie 2 Min Read
Share
TO GO WITH AFP WORLD INFLATION SERIES: An Egyptian woman looks at goods at a supermarket in Cairo on March 12, 2008. The Egyptian government has been struggling to tackle a growing tide of discontent over the sky-rocketing prices of goods. Last week, the authorities announced plans to suspend rice exports for six months from April and the commerce ministry said cement exports will also be frozen over the same period in a bid to combat price rises. Official figures show staple food prices spiralling in Egypt, the world's largest consumer of bread, by 26.5 percent in a year. AFP PHOTO/ KHALED DESOUKI
SHARE

Food prices unexpectedly declined by 4.3% in March 2020 compared to the previous month, the Institute of National Planning has announced.

Food Price Index figures released by the UN’s Food and Agriculture Organization (FAO) showed a global decline to 172.2 points in March 2020

The institute noted that, due to the ongoing coronavirus (COVID-19) pandemic, low food prices work in the Egyptian economy’s favour. The lower prices contribute to a reduction in the value of food bills and the budget deficit, whilst also reducing the burden on foreign exchange reserves.

The FAO Sugar Price Index recorded the biggest decline, decreasing by 19.1% during March 2020 compared to February 2020. Oil prices decreased by 12.0%, mainly due to lower palm oil prices linked to a drop in crude mineral oil prices, and high global economic uncertainties.

The FAO Dairy Price Index decreased 3.0%, driven by lower prices and compounds in the supply chains caused by containment measures aimed at controlling the spread of the coronavirus.

The FAO cereal price index also decreased in March 2020 by 1.9% compared to February 2020, whilst Egypts wheat prices fell due to a glut in global supplies and favourable crop forecasts. These have generally overshot the increase in demand for imports from North Africa.

On the local level, the expected increase in food commodity prices, according to the proposed scenarios, will be controlled via short- and medium-term government procedures.

These include increasing the number of government outlets for distributing low price basic commodities, providing low-priced commodities to all citizens, and to establish logistical trade zones at the governorate level. Refrigerated cars would also be distributed to outlets, markets and various commercial stores across the country, and stock exchanges would be required to set prices.

Government institutions and the Customer Protection Agency (CPA) would act as market watchdogs.

You Might Also Like

Egypt’s IDA gears up to provide its services for investors online 

Egypt, Germany discuss promotion of cooperation in communications, digital transformation

Egypt-Australia trade exchange reaches AUD 1bn in FY2022: Ambassador

Volatile trading on EGX amid anticipation of interest rate movement

Mohamed Nasr El-Din appointed as new CEO of Telecom Egypt

TAGGED: Egyptian economy, global food, National Planning Institute
Share this Article
Facebook Twitter Email Print
Previous Article Angry US protests continue amid accusations of political hypocrisy
Next Article Legendary director Youssef Chahine’s films to shine again on Netflix
Ad image

Stay Connected

Facebook Like
Twitter Follow
Instagram Follow
Youtube Subscribe

Latest News

Humza Yousaf is to be the first minister of Scotland after narrowly winning the election for leader of the Scottish National Party
Humza Yousaf becomes Scotland’s first minister: A decade of polls suggest he’ll struggle to deliver independence, just like Nicola Sturgeon
Politics Opinion
Egypt’s IDA gears up to provide its services for investors online
Egypt’s IDA gears up to provide its services for investors online 
Business
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Iranian FM says Tehran, Moscow taking final step toward signing long-term cooperation agreement
Politics World
Egypt. Germany discuss promotion of cooperation in communications, digital transformation
Egypt, Germany discuss promotion of cooperation in communications, digital transformation
Business
//
Egypt’s only independent daily newspaper in English. Discuss the country’s latest with the paper’s reporters, editors, and other readers.

Quick Link

  • Home
  • Business
  • Politics
  • Interviews
  • Culture
  • Opinion
  • Sports
  • Lifestyle

Sign Up for Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

© 2023 DNE News. All Rights Reserved.

Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.

Removed from reading list

Undo
Welcome Back!

Sign in to your account

Lost your password?