Government Initiates Measures to Control Commodity Prices

In response to the ongoing challenges posed by the rise in commodity prices, the Egyptian government has announced a series of decisive measures set to take effect from March. The goal is to mitigate the impact of escalating prices on consumers and ensure fair practices in the market.

Counselor Muhammad Al-Homsani, the spokesman for the Council of Ministers, revealed that Prime Minister Dr. Madbouly has issued a comprehensive set of decisions aimed at addressing the surge in commodity prices. These decisions include the mandatory setting of prices on goods, coupled with directives from the Ministry of Supply requiring companies to determine the maximum selling prices for the goods starting March.

The choice of March as the implementation date was made in recognition of the fact that not all companies have the immediate capacity to print prices on goods and allows them the necessary time to adjust their situations. Furthermore, it ensures that the markets are well-stocked with goods when the new regulations take effect.

Under the new system, if the maximum selling price of a commodity is, for example, set at EGP 20, consumers are empowered to file complaints with the Consumer Protection Agency if they encounter prices higher than those advertised. This mechanism aims to safeguard consumers and uphold fair business practices.