Egypt to suspend customs on essential goods for 6 months: PM

In a press conference on Monday, Madbouly said the government agreed to reduce the prices of seven basic commodities by 15 to 25 percent, adding that the initiative will be implemented beginning next Saturday.

These commodities include beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs, and rice.

Madbouly discussed the steps for implementing the initiative with relevant ministers and heads of commerce chambers.

"The initiative will reflect positively on the availability of essential goods and the stability of the markets," he noted, stressing that the move aligns with the efforts of the leadership to curb inflation, especially in food prices.

During the conference, Ahmed Samir, Minister of Trade and Industry, said the government seeks to facilitate procedures for releasing imported goods from ports as quickly as possible.

Egypt has released $53.7 billion worth of imported goods from ports during the first nine months of 2023, according to a statement by Sameh El-Kheshen, the Egyptian Cabinet Spokesperson.

These goods included strategic commodities worth $14.3 billion and production inputs worth $24.8 billion.

Last week, the government coordinated with the Central Bank of Egypt (CBE) to secure the US dollar required to procure goods and to find solutions to reduce the prices of essential goods.

Egypt’s annual headline inflation hit an all-time high in August at 39.7 percent, up from 38.2 percent in July, as food and beverage prices recorded a monthly inflation rate of 2.2 percent and a 1.9 percent on a year-on-year basis.

Meanwhile, vegetable prices rose sharply, increasing 24.4 percent in August, compared to 5.5 percent a month prior.