The Egyptian government on Saturday designated seven vital commodities as strategic goods: sugar, rice, mixed oil, broad beans, milk, pasta, and white cheese, in a bid to curb market volatility and protect consumers.
Prime Minister Mostafa Madbouly emphasized the crucial role these items play in citizens’ lives, stressing that their new status outlaws monopolistic practices and concealment.
“Declaring these goods strategic means strict enforcement of the Consumer Protection Law,” Madbouly stated, highlighting the severe penalties for violations.
He further established a six-month initiative, formed in collaboration with the private sector, producers, and manufacturers, to develop transparent price control mechanisms. This move underscores the government’s commitment to a balanced approach: “A free market does not equate to unchecked price rises,” he declared.
Madbouly reiterated the government’s focus on price discipline, not interference. To achieve this, the Supply Minister issued regulations stipulating clear pricing guidelines for retail outlets, with weekly on-ground monitoring.
Additionally, a dedicated technical committee, led by the Information Center and comprised of representatives from relevant ministries, will scrutinize factory data and production volumes to prevent potential shortages. The committee will publish weekly reports detailing market availability and stock levels for these essential goods.
Crucially, the Prime Minister reached an agreement with factory owners for monthly price reviews. This open dialogue aims to address any unforeseen factors necessitating price adjustments, with changes to be transparently communicated to the public.
Madbouly called on citizens to actively participate in the initiative. He encouraged reporting any price discrepancies via dedicated committees established in each governorate to ensure comprehensive enforcement.
