Egypt’s first assistant supply minister, Ibrahim Ashmawi, said meat prices had risen significantly due to feed and buyers.
He added during a meeting with Under My Responsibility on Sada al-Balad on Wednesday evening that meat prices vary between butchers, ranging from £280 to £290, noting that supermarket meat prices have reached about 400 pounds.
He continued: “Some people ask for a certain piece of filto, and the price has gone up to £500. Does it matter today? The one who forces the seller to raise the price is the buyer. As long as there is a request, he will raise the price,” he said.
He pointed out that the government’s role is to preserve the largest segment of consumers through timely and cost-effective intervention, explaining that goods will be sold on the stock exchange, which will affect the controlled decline in feed prices, such as what happened with the price stability of corn and soybeans in the markets.
He pointed out that the supply of imported meat from Sudan is still ongoing because the southern part of the country is far from the current crisis, stressing that there are many sources of meat imports such as Somalia and Chad.
Ashmawi also stressed that the reason for the increase in prices for food sugar and rice is the high cost of producing these goods, forcing the government to enter into price agreements or adjust prices, stressing that these price increases were aimed at ensuring continuity and availability in retail outlets, otherwise this goods will be in danger of becoming scarce or disappearing from the market Markets, indicating that the country has a reliable supply of strategic goods, diverse supply chains and multiple sources of origin.
He added that some investment banks are trying to stabilize commodity prices through a so-called hedging policy that is used in strategic commodities.
He stated that the hedging policy is a mechanism used by the government or the private sector for goods that are subject to strong price fluctuations, such as fuel, oils, wheat, corn and feed, stressing that this policy allows you to meet the needs of the government at fixed prices .
He explained that it was time to tackle this mechanism to deal with price fluctuations in basic and strategic commodities, pointing out that Egypt is one of the safest countries for strategic commodities to serve citizens.
Regarding gold, he said that gold in Egypt is a store of value, commenting: “The Egyptians always say that gold is an ornament and a treasure.”
He added that the Egyptian market is one of the top five markets for gold trading in the world, highlighting that people turn to gold many times to keep the value of cash from inflation and price changes.
He explained that the demand for gold has increased significantly in recent times and that the Office of Seals and Weights of the Ministry of Supply is the regulator of the gold market, adding that 60 new marks have been stamped in addition to the previously stamped gold.
He stated that with the expiration of certificates for the banking sector, there is more liquidity in the markets, whether it be real estate, currency or the purchase of precious metals, especially gold, stressing that there is a strong demand for bullion and gold. pounds, which reached 60 and 70% of the previous one.
For her part, Dr. Hanan Ammar, a member of the Egyptian House of Representatives, sent Chancellor Hanafi Jabali, Speaker of the House, a request for a briefing addressed to the Prime Minister, Minister of Supply and Minister of Finance regarding the reduction in prices for goods and food in various countries of the world. to pre-war levels. Ukrainian market”, without reflecting this fall in the local market in Egypt.
In her request, the deputy noted: “Prices for cereals, vegetable oils, dairy and other agricultural products on world markets are steadily declining from record levels that they reached after the start of the “Russian-Ukrainian” war.”
And she continued: The Food and Agriculture Organization (FAO) Food Price Index also fell compared to what it was at the beginning of the war in Ukraine. The FAO index recorded 131.2 points in January last year compared to 135.6 points in January 2022. that is, a month before the start of the war. The Russian-Ukrainian war, which aggravated world food prices, was helped by good harvests in some regions, such as Brazil and Russia, and a grain treaty that allowed supplies to leave the Black Sea.
Ammar said the government has released $23 billion worth of imported goods, goods and products at various ports and customs from last January to now.
She explained that despite this global decline in commodity and food prices, the decline has not yet reached the Egyptian market and the decline has not been reflected locally. Rather, domestic commodity prices are currently 19% higher than their global levels. , which is an absolutely unjustified increase.
She noted that, despite the customs exemptions adopted by the government for a number of strategic goods, primarily fodder and oils, these reliefs have not been felt by citizens who suffer almost daily from rising prices for goods and foodstuffs.
And she stressed that the current wave of high prices, from which the city dweller suffers, should never be left without taking into account those who carry it out from the side of the merchants.
Source: Al-Shoruk
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