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Egypt to cut poultry, eggs prices by up to 15% with private sector involvement

Egyptian markets are preparing for a considerable decrease in prices of poultry and eggs starting Tuesday.
02.04.24 | Source: Ahram Online

Prime Minister Mostafa Madbouly reviewed an initiative proposed by the Egyptian Poultry Association, a body that includes major private sector poultry producers, to cut prices by 10-15 percent.

The initiative, effective Tuesday, sets the prices for a pack of 30 eggs at EGP 135 and 1 kilogram of chicken at EGP 85 at farms.

According to Minister of Agriculture El-Sayed El-Quseir, customers will be charged an additional maximum of EGP 10.

The association announced this initiative following a meeting with El-Quseir, representatives from various companies, and relevant authorities on Sunday.

El-Quseir stated that this price reduction is part of the first phase of a plan to decrease commodity prices in the coming period.

Poultry is one of the essential commodities targeted for price reduction, as the government collaborates with the private sector to alleviate inflation, given the improved economic situation in the country.

Egypt’s annual headline inflation reached a record level of 219.4 points in February, indicating an annual rate of 36 percent, compared to 31.2 percent seen in January, the Central Agency for Public Mobilization and Statistics (CAPMAS) released on Sunday.

30% drop in prices

Last week, Madbouly announced an agreement with private sector manufacturers and merchants to decrease food commodity prices by 15-20 percent initially, and then by 30 percent after Eid Al-Fitr.

During a meeting with major manufacturers, producers, and suppliers representing over 70 percent of the market, Madbouly instructed cabinet teams to ensure the implementation of price reductions in commercial chains and supermarkets.

Madbouly emphasized that citizens should witness a substantial decrease in prices in the coming days, thanks to recent economic measures taken by the state and significant inflows of foreign currency.