EGYPT- Egyptian markets are gearing up for a significant drop in poultry and egg prices set to take effect on Tuesday, as part of a government-led effort to reduce food commodity prices by 30 percent in the upcoming weeks.
Egypt’s Prime Minister, Mostafa Madbouly, recently assessed a proposal by the Egyptian Poultry Association, which comprises major private poultry producers, aiming to reduce prices by 10-15 percent.
As part of the initiative, a pack of 30 eggs is set to be priced at EGP 135 (US$ 2.84 ), and 1 kilogram of chicken at EGP 85 (US$ 1.79) at farms. Additionally, customers may incur an additional maximum charge of EGP 10 (US$ 0.21).
Madbouly underscored that citizens will witness substantial price decreases in the days ahead, thanks to recent economic measures implemented by the state and significant inflows of foreign currency.
These inflows have facilitated the clearance of over $4.5 billion worth of goods that were previously stranded at ports, Madbouly disclosed.
This government initiative was unveiled after the government’s meeting with representatives from various companies, including major manufacturers, producers, and suppliers representing over 70 percent of the market.
El-Quseir, the Minister of Agriculture, explained that this price reduction marks the inaugural phase of a plan aimed at lowering commodity prices in the foreseeable future.
Poultry, being one of the essential commodities targeted for price reduction, highlights the government’s collaboration with the private sector to mitigate inflation, especially amid the improved economic situation in the country.
Furthermore, poultry holds significance for Egypt both domestically and internationally – In 2022, Egypt exported $660k worth of poultry, ranking it as the 65th largest exporter of poultry globally.
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