Egypt announces committee to set ‘fair price’ for basic goods

Published: Updated:
Read Mode
100% Font Size
1 min read

Egypt’s supply ministry said on Sunday it had formed a committee to set “fair prices” for 10-15 strategic and basic commodities after annual inflation reached five-year highs.

For the latest headlines, follow our Google News channel online or via the app.

While the statement said prices were not compulsory except for rice, it said there would be inspections of stores across the country and possible legal action against those who do not adhere to the prices.

Egypt’s annual headline inflation hit 18.7 percent in November, according to official data, while core inflation, which strips out more volatile items, reached 21.5 percent.

Prices for some imported goods have risen particularly fast this year, and authorities took measures to slow down imports as they struggled with shortages of foreign currency.

On Friday the International Monetary Fund approved a 46-month, $3 billion financial support package for Egypt that aims to catalyze additional funding of about $14 billion.

Read more:

Saudi Arabia sponsors $1 bln AMF deal to support Yemen economic reform program

Aramco signs $11 bln worth of deals to create around 5,000 jobs for Saudis

Erdogan, Putin discuss grain corridor, gas hub in phone call

Top Content Trending