Egypt MPs suggest gov’t plan to face sharp price hikes

CAIRO – 3 April 2017: Egyptian parliamentarians have demanded the government take any steps necessary to addressing the continuing price hikes of consumer goods,

Youm7 reported

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Consumer prices have been surging since the pound lost over half its value against the dollar when the Central Bank of Egypt removed restrictions on the Egyptian pound’s exchange rate and allowed it to float freely.

The undersecretary of the parliament’s economic committee, Amr Al-Gouhari, demanded the Ministry of Supply add additional commodities to ration cards.

He also suggested the government set a comprehensive plan regarding exports. Some demand the government halt the export of fish; many fishermen and fish farmers are exporting their product at higher prices than they could charge locally, resulting in insufficient and expensive local product.

Egypt’s annual inflation rate

rose

to touch 30.2 percent in February 2017, while about 27.8 percent of the Egyptian population lives below the poverty line according to a 2014/15 CAPMAS survey.

The poverty line can be defined as the minimum income that is deemed adequate for citizens to meet their basic needs.

Gouhari also encouraged the government to set up markets and outlets to provide commodities for citizens at affordable prices. He said some traders take advantage of various occasions and holidays and increase the prices of commodities and services linked to these occasions.

Mohamed Saad, a member of the parliament’s economic committee, also demanded the ministries of supply, industry and commerce to interfere and stop these hikes. He recommended the government to strike protocols with a number of factories in order to provide commodities at lower prices in exchange for reducing the customs dollar exchange rate.

Saad added that the continuous price hikes are gradually infuriating the masses, and consequently quick and decisive action is necessary to monitor the market and protect citizens.

He pointed out that several boycott campaigns are beginning to make slight changes in prices, but it is the government’s responsibility to address this issue.