The Federation of Egyptian Chambers of Commerce (FEDCOC) has revealed a drop in prices of vegetables and fruits, following government measures to control the market.
Price inflation surged to its highest in nearly three years in February, driven by a sharp increase in food prices caused by Russia’s invasion of Ukraine, which has also caused disruption in supply and demand.
A report by FEDCOC’s Market Follow-up Committee showed that markets have recently responded to joint efforts by the private and public sectors to control the spike in prices of many commodities.
FEDCOC President Ibrahim al-Araby said on Sunday that wholesale markets witnessed a significant drop in the prices of fresh vegetables and fruits.
A press statement by Araby, which Asharq Al-Awsat received a copy of, praised the government’s exceptional measures to avoid the surge in prices and contain fluctuations in global markets.
These measures aim to contribute immediately to the decline in prices in local markets.
Araby also hailed the role played by the chambers of commerce across the country’s governorates, noting that they launched several campaigns ahead of Ramadan to ensure the availability of all goods.
FEDCOC’s follow-up committees monitor any changes in the markets in terms of the volume, distribution, and prices of all commodities. They analyze that data and compare it with global variables to develop future scenarios for price variables that may affect local markets.
A Sunday report by FEDCOC’s Foodstuff Division affirmed that all commodities are available in the market and that prices are gradually responding to the government measures, in cooperation with the chambers of commerce and supply chains, to pump additional quantities of all commodities and control the price surge.
