Hazem El-Menoufy, a member of the Foodstuff Division of the General Federation of Chambers of Commerce, and the Head of the Food, Grocery and Herbal Supplies Division at the Alexandria Chamber of Commerce, revealed a decrease rice prices And sugar and eggs during today’s transactions in all local markets.
Al-Menoufi said that the price of a ton of rice decreased by 1450 pounds per ton, from 16250 pounds, to 14800 pounds, and the price of sugar decreased by 100 pounds per ton to reach 11 thousand pounds instead of 11100 pounds per ton, in addition to the decrease in the price of municipal eggs by 4 pounds to reach 50 pounds, the price of the farm to reach the consumer 55 pounds.
Al-Menoufi added that the crisis of successive increases in the prices of food products and commodities that the Egyptian market witnessed during the last period has come to an end and the time for prices to drop has begun.
Al-Menoufy stressed that the citizen is a key factor in lowering prices by rationalizing consumption and buying only basic needs to control prices and push them down.
Regarding the rise in oil prices in the market, he said that Indonesia’s decision to lift restrictions on the export of palm oil will have a positive impact on the drop in oil prices soon in the Egyptian market.
He pointed out that raising interest rates has positive effects to limit the acceleration of inflation and its impact on the economic movement, and explained that the decision came at an important time to confront the period in which we live globally in light of the economic crisis and the high costs of production and energy, and to restore balance to the financial market and the Egyptian economy in general to mitigate the effects And the consequences of tensions between Russia and Ukraine, which affected the global situation.
He expected significant stability in the financial and banking sector in Egypt, stressing at the same time that the Egyptian economy is able to absorb the decisions of the Central Bank of Egypt, which always come as proactive steps to re-create the financial climate and attract investments to Egypt.