Prices
Egyptian Prime Minister Mostafa Madbouly held a press conference Wednesday, where he addressed different concerns, especially Egypt’s stance regarding the Ethiopia’s announcement of completing the construction of the Grand Renaissance Dam (GERD).
The Consumer Price Index (CPI) for the total urban areas of Egypt stood at 226.7 points in July, indicating a 0.5 percent inflation compared to a higher 1.8 percent in June 2024.
To further this objective, a recent meeting was held, bringing together leaders and representatives from export councils.
However, the current conflict between Tehran and Tel Aviv poses one of the largest geopolitical risks to global oil markets since the start of the Russo-Ukrainian war and the war on Gaza.
Furthermore, the decline in prices will continue to intensify in the coming days, ultimately reaching a substantial reduction of 30 percent after the conclusion of Eid Al-Fitr.
The decree will go into effect on March 1.
Minister of Petroleum, Tarek El Molla, issued the decision for the new pricing to be implemented from Friday morning.
Cigarette increments ranged from LE 1.5 to LE 3 per pack.
Madbouli elaborated that the government is aware that there is a rise in prices.
The annual urban consumer inflation in Egypt is at its highest of 15 percent in four years, according to Monday data from the Central Agency for Public Mobilization and Statistics (CAPMAS).
the increase came much less than the expectations of traders in the market, according to the Head of the Tobacco Division at the Federation of Industries, Ibrahim Imbabi.
The Egyptian government issued a decree, per which farmers shall deliver barley rice during the current season and until mid-December, to make it available for the public on the ration cards.
The price of a Big Mac meal climbed from LE 59, to LE 88. The price of a medium Big Tasty meal was LE 92, and became LE 123.
According to the list, the prices of L&M of all kinds have been increased to LE 34.
He pointed out that the prices of medicines were moved in 2016 at a rate of about 7,000 types of medicines, but during the current period there is an increase in prices for only about 10 medicines.
European Union Ambassador to Egypt Christian Berger confirmed on Wednesday that the EU will provide Egypt with 100 million euros in aid because of soaring food prices.
Madbouli added that President Sisi made it clear that the state was able, with good and proper planning, to supply sufficient reserves of goods, which enabled the Egyptian state to absorb and deal with this unprecedented crisis.
Arabi lauded the swift measures taken by the government to control prices amid the current global fluctuations in goods' prices.
Sawiris said, in a tweet via his twitter account, Monday, that there are measures that must be implemented quickly to confront the rise in oil and wheat prices and its impact on the economy.
The UN official expressed concern about the bombing of urban centers across Ukraine, and the unconfirmed reports of casualties and damage to residential infrastructure.
