CAIRO - 29 February 2024: Starting from the first of March 2024, Egyptian companies engaged in the production of key food commodities will implement a new measure by clearly indicating the final selling prices on their products, according to sources cited by Asharq Bloomberg.
This initiative is a response to the government's directive to address the recent market price discrepancy and restore order.
In December, Minister of Supply and Internal Trade, Ali Al-Moselhi, issued a decision to regulate the trading of seven strategic commodities. This decision mandates companies and establishments to prominently display the final selling prices of goods to consumers, including taxes and additional financial burdens.
The seven strategic commodities subject to this regulation are rice, pasta, dairy products, oils, beans, sugar, and certain types of cheese.
Assistant Minister of Supply for Projects and Information Affairs, Ahmed Kamal, highlighted the importance of transparent pricing in chains and shops. He emphasized that prices should be clearly visible on the packaging itself or on designated areas such as shelves.
Failure to comply with these regulations will result in an initial warning, and goods purchased in violation of ministerial decisions may be confiscated.
To ensure effective supervision, the government plans to shift its focus from warehouses to stores after March, aiming to verify that prices are accurately displayed on goods. The Consumer Protection Agency will oversee both small and large stores, ensuring their compliance with the pricing regulations.
Prices will decrease within 10 days by 30 percent, affected by the decrease in the price of dollar, and announcing prices on goods will contribute to controlling prices significantly, Ahmed Attaby, member of the Foodstuffs Division of the Chamber of Commerce in Giza Governorate, told Asharq Bloomberg.
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