Egyptian PM gives retailers 2-week ultimatum to put price tags on products

CAIRO – 14 December 2022: Prime Minister Mostafa Madbouli held a press conference Wednesday to give small and large retailers a two-week ultimatum to put price tags on products, and to announce that talks are underway with the Federation of Industries and commerce chambers to set a price cap for specific strategic goods.  

The prime minister stipulated that the government would not allow price exaggerations, and attempts to exploit the situation. Madbouli further noted that complaints have been flooding in about unjustified price hikes.

The prime minister stated in a press conference on December 7 that the Cabinet is devising a plan to secure the hard currency needed over the coming period until June 30, 2023, stressing that the government is aware of the soaring prices.

Commenting on the dollar and gold prices, Madbouli said that the government has a plan to deal with the challenges ensued from the global crisis. The government is maintaining a balance in handling the price increase crisis, because forcefulness in dealing with the crisis would lead to the disappearance of goods, he added.