Egypt to reduce prices of food commodities to counter soaring inflation

CAIRO, Oct. 9 (Xinhua) — The Egyptian government will reduce the prices of seven food commodities by 15 percent to 25 percent for six months, Egyptian Prime Minister Mostafa Madbouly said in a press conference on Monday.

The food commodities included beans, lentils, dairy products, pasta, sugar, cooking oil, and rice, Madbouly said.

A 15 percent discount will also be applied on live and frozen poultry and eggs, he added, noting that the maximum prices of each commodity will be labeled on packages to avoid manipulation by merchants.

“Containing inflation and controlling the rise in prices of food commodities constitute a priority for the government,” Madbouly said.

Egypt’s year-on-year headline inflation hit a record high of 39.7 percent in August, compared to 38.2 percent in July and 15.3 percent in August 2022, according to data released by the country’s official statistics authority on Sept. 10.