Egypt sets market controls on 7 strategic foods, including sugar

Ahram Online , Saturday 30 Dec 2023

Prime Minister Mostafa Madbouly classified on Saturday 7 foods, including sugar, as strategic commodities, setting market controls to regulate the market in cooperation with the private sector.

Mostafa Madbouly
Prime Minister Mostafa Madbouldy during the press conference in New October on Saturday. Photo : Egyptian cabinet

 

The prime minister issued the decision classifying the seven commodities – mixed oil, beans, rice, milk, sugar, pasta, and white cheese – as strategic products per Article Eight of Consumer Protection Law No. 181 of 2018.

This law prohibits withholding these goods and products from circulation by refusing to sell them for six months or until further notice, whichever comes sooner.

The decision also obliges producers, suppliers, distributors, and sellers to immediately notify the Ministry of Supply and Internal Trade of their stocks of these commodities.

The market controls also sets a maximum price, although the announcement did not specify the price for consumers.

Over the six months, the government will monitor and revise the prices in collaboration with producers.

The decision of the cabinet comes following shortages of several food commodities, most recently sugar.

Egypt has faced significant challenges managing rising prices of essential commodities such as sugar, rice, onions, and eggs since the beginning of 2023 due to inflation.

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