Ibrahim Al-Arabi — the President of the Federation of Egyptian Chambers of Commerce (FEDCOC) — announced Sunday the results of the report of its Market Follow-up Committee to monitor prices and availability of commodities.
He said that the markets have shown great response over the past few days to the joint efforts between the private and the public sector to control prices as wholesale markets witnessed a significant drop in the prices of fresh vegetables and fruits this morning.
Al-Arabi praised the government’s decisions to ensure that there is no rise in prices and its attempts to contain price fluctuations in global markets with a package of exceptional measures. These measures aim to quickly and directly contribute to the decline in prices in local markets. He also added that these chambers have launched several campaigns to prepare for the start of the holy month of Ramadan across the country.
He also pointed out that the follow-up committees of the federation monitor any changes in the markets in terms of the volume, distribution, and price of all commodities. Additionally, they analyse this data and compare it with global variables to develop future visions for the movement of markets and price changes that may affect local markets.
The report of the Foodstuff Division confirmed that all commodities are available in the market and that prices are gradually responding to the measures taken by the government in cooperation with the chambers of commerce and supply chains by pumping additional quantities of all commodities to provide the necessary availability and control the rise in prices.
Previously, the government held several meetings with FEDCOC and its commercial divisions, producers, and commercial supply chains to ensure that all commodities are provided as Ramadan approaches. This includes a set of initiatives and discounts on the prices of meat and poultry as well as other food and consumer goods.