Customs on Essential Goods Will Be Suspended for Six Months

Egypt's government, led by Prime Minister Mostafa Madbouly in collaboration with the Ministry of Finance, has announced a six-month suspension of duties and customs on several essential goods. PM Madbouly revealed that prices of seven basic commodities will be reduced by 15% to 25%, effective from Saturday, October 14th.

The commodities included in this initiative are beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs, and rice. The decision is aimed at reducing the financial burden on consumers and stabilising the markets.

The collaboration between the government and the Central Bank of Egypt aims to secure the necessary US dollars for procuring goods and finding solutions to further reduce essential goods' prices. Egypt has been experiencing high inflation rates, with August seeing record-breaking annual headline inflation of 39.7%.