Cabinet controls prices of 10 commodities as Egypt’s inflation rises

Egypt is to control the prices of 10 commodities as the state tries to keep inflation in check amid a shortage of foreign currency, the Cabinet announced Monday.

According to the statement released by Prime Minister’s offive, the list includes livestock and frozen meat, poultry, fish, oils, sugar, rice, beans, corn, soybean and wheat.

The statement did not specify what measures would be taken to keep prices under control. It follows a speech this month by President Abdel Fattah al-Sisi promising greater state intervention in curbing price rises.

Egypt’s annual consumer inflation rose to 9.7 percent in October, from 9.2 percent in September.

The ministry of supplies recently said Egypt’s grain buyer, the General Authority for Supply Commodities (GASC), would begin importing a broader array of essential goods to push down prices.

GASC launched its first international tender for poultry earlier this month, but pressure from the local poultry industry has made the body backtrack on plans to continue tendering, traders say.

Monday’s statement also said the state would negotiate for various goods that it would supply through distribution points. Egypt has 5,333 such distribution points, it said.

“A contract for 800,000 heads of cattle has been made, which will contribute to supplying fresh meat at the price of 50 Egyptian pounds ($6.39) per kilo,” the statement said.

The price for fresh meat currently hovers around 100 Egyptian pounds per kilo. ($1 = 7.8300 Egyptian pounds) (Reporting by Asma Alsharif; Editing by Eric Knecht and Susan Thomas)

Source: Reuters