CAIRO, April 18 (MENA) - The General Federation of Chambers of Commerce (FEDCOC) announced that an agreement has been reached with the General Division of Bakeries to reduce the prices of tourist bread next Sunday by a percentage ranging from 30% to 45%, taking into consideration the pound devaluation, production costs, and inputs for each type.

In a statement on Thursday, FEDCOC said that the price of an 80-gram loaf of bread will be 1.5 pounds compared to 3 pounds previously. The price of a 40-gram loaf will be 75 piasters, a 25-gram loaf will be 50 piasters, a French bread loaf weighing 50 grams will be 1.5 pounds, and a French bread loaf weighing 35 grams will be 100 piasters.

It pointed out that the decrease in wheat prices led to a decrease in pasta prices, which in turn led to a reduction in local rice prices as an alternative.

On the other hand, the Secretary-General of the Federation of Chambers of Commerce Alaa Ezz, said that efforts are underway to reduce the prices of Falafel and Taameya sandwiches by 20% by providing reduced supplies, which constitute about 50% of the cost and have decreased by about 25%.

He confirmed that there is a clear surplus of all goods (essential and non-essential) after the releases that exceeded 8 billion dollars, and competition has begun between producers, importers, and chains, whether through price reductions or advertisements.

Ezz explained that wholesale prices continued to decrease for all essential goods, with wheat decreasing by over 40%, flour by 30%, soybean and sunflower oil by 40%, olives and corn (imports from Black Sea countries) by 28%, and corn by 35%.

He noted that current prices have returned to their levels in February 2023, and a gradual decrease in retail prices has begun.(MENA)
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