Egyptian Prime Minister Moustafa Madbouly has reviewed a plan prepared by the Federation of Egyptian Chambers of Commerce (FEDCOC) to cut prices across a wide range of consumer goods, his office said Monday. The initiative, launched earlier this month, involves cooperation between the government, producers, retailers and importers to offer discounts on food, household appliances, school supplies and vehicles, according to a cabinet statement. The federation said price reductions have already begun in most governorates, with discounts ranging from 10 per cent to 50 per cent across participating outlets. The initiative includes an early launch of the summer sales season, with more than 2,100 retailers taking part. The state-run Food Industries Holding Company has introduced discounts of 5 per cent to 18 per cent on 640 basic food items at its network of over 1,000 consumer complexes nationwide, while producers and importers are offering cuts of up to 24 per cent on various consumer goods, the statement said. Fruit and vegetable prices have dropped by about 10 per cent on average, and manufacturers of household and electrical appliances are offering discounts of between 5 per cent and 35 per cent, it added. Prices of local and imported cars have also fallen by 10 per cent to 20 per cent. Prices of back-to-school supplies have fallen about 10 per cent from last year, the report added. A similar initiative is being prepared to cut the cost of computers and accessories, backed by long-term financing with no upfront payments. Local and imported cars, both new and used, have also been discounted by 10 per cent to 20 per cent, with extended financing schemes available. The government expects further declines in consumer prices, supported by easing wholesale prices, abundant supply, and intensifying competition in the market, the statement said. Attribution: Amwal Al Ghad English
