The push for lower prices follows government efforts to ensure production inputs are available across sectors and a significant drop in the dollar exchange rate against the Egyptian pound, which should translate into tangible price reductions for consumers.
El-Seguiny emphasized the close and continuous cooperation
between the government, its various bodies, the Ministry of Supply and Internal
Trade, and merchants, seeing them as partners in bolstering the national
economy and boosting production. This collaboration, he said, seeks to achieve
market balance and meet citizens' needs at reasonable prices.
He acknowledged major challenges the state faced recently,
stressing that overcoming them was only possible through the combined efforts
of the government and honest merchants. El-Seguiny insisted that the current
phase demands these efforts lead to a tangible reality felt by citizens through
real and noticeable reductions in essential goods prices, reflecting economic
stability and the foreign currency's decline to its lowest levels in years.
El-Seguiny announced a nationwide initiative, as per the
prime minister's directives, to cut prices on various goods, including food,
electrical appliances, and other daily necessities. The goal is to allow
Egyptian citizens to reap the benefits of economic reforms and see economic
recovery indicators translate into improved purchasing power and living
standards.
While the CPA chief praised merchants' national role in
ensuring commodity availability during past periods, he underscored that the
real challenge now is for consumers to experience tangible reductions
reflecting economic improvements.
For his part, El-Ashry highlighted the significant
achievements made by the state since 2013, particularly in enhancing internal
security and institutional stability. He stated that the current stage
necessitates strengthening the partnership between the state and merchants to
achieve economic and social security. El-Ashry mentioned a recent meeting with
the prime minister to discuss challenges facing commercial sectors and
solutions, adding that efforts are underway to develop effective implementation
mechanisms for the price reduction initiative, to be presented to the prime
minister next week.
In this context, Dr. Abdel Aziz El-Sayed, head of the
Poultry Division, confirmed significant price drops for poultry and table eggs
compared to previous years, which he said citizens feel. He identified multiple
distribution channels between producers and consumers as a key challenge,
calling for their reduction to achieve fair prices reflecting true costs. He
affirmed the division's readiness to support government efforts to expand
initiatives, particularly in new cities and rural areas, to ensure further
price reductions for poultry and eggs.
Yehya El-Sonny, head of the Vegetables and Fruits Division,
pointed to multi-layered distribution and informal markets as major challenges,
leading to significant price disparities compared to main wholesale markets
like El Obour and October. He noted that despite abundant supply and high
demand for vegetables and fruits, fair pricing reflecting production costs is
essential. El-Sonny affirmed the division's commitment to the price reduction
initiative, expressing willingness to forgo a "significant portion of
profit margin" to support economic stability and ease burdens on citizens.
Hatem Naguib, vice head of the Vegetables and Fruits
Division, called for the government to provide vital areas, especially in new
cities, for permanent exhibitions selling vegetables and fruits at fair prices.
He stressed a profit margin not exceeding 5%, confirming the division's
readiness to implement this. Naguib attributed price disparities to excessive
intermediaries and distribution channels, asserting that their reduction would
lead to real price drops for consumers and market balance.
Gamal Moawad, vice head of the Foodstuffs Division,
highlighted that retail chains, hypermarkets, and grocery stores are highly
susceptible to exchange rate fluctuations and general price changes. He cited a
one-liter oil bottle, once EGP 100, now selling for around EGP 55, as evidence
of actual price improvements. Moawad emphasized the sector's fierce
competitiveness, driving continuous offers and competitive pricing, and
affirmed readiness to set minimal profit margins to support price reductions
and maximize the impact of customs clearances and production input
availability.
El-Seguiny concluded the meeting by emphasizing that the CPA and the Ministry of Supply and Internal Trade would maintain full coordination with relevant bodies, including Chambers of Commerce and the Federation of Industries, to ensure the effective implementation of the price reduction initiative. He stated that the coming period would see increased field monitoring to enhance market transparency and curb practices detrimental to consumers. He underscored that consumer protection is a collective responsibility requiring concerted efforts from the state, merchants, and citizens to achieve fairer, more stable markets where citizens experience the benefits of economic reform in their quality of life and economic stability.