Soaring food prices in Egypt to ease soon, officials

Soaring food prices in Egypt to ease soon, officials

Members of the Egyptian chambers of commerce announced that the soaring prices of several commodities in the Egyptian market is about to end.

They explained that there has been a breakthrough and basic commodities, including rice, will be offered in large quantities at reduced prices, with an increase in the supply of basic commodities in new consumer complexes.

Speaking to Al-Masry Al-Youm, they said that the sugar crisis has also ended and the commodity will be provided at reduced prices, after the Supply and Internal Trade Ministry imported 150,000 tons of sugar.

They noted that the government began offering encouraging initiatives and incentives for farmers to grow rice.

The head of the Foodstuffs, Grocery and Spices Division at the Alexandria Chamber of Commerce Hazem al-Menoufy, said that the chambers worked to resolve this dilemma by offering larger quantities in markets and consumer complexes at reduced prices.

He added that the government also intervened strongly to control rice prices, and confront manipulators, preventing them from storing rice and withholding it from citizens to dry the market and reduce its supply – thereby justifying them raising its prices unjustly.

Government incentives

Menoufy added that the government has begun offering encouraging incentives for farmers to grow rice, and to hand