El Manoufi stressed that each company would make its decision based on its specific circumstances and production costs.
Alexandria Chamber of Commerce confirms food prices will remain stable - File Photo
The Alexandria Chamber of Commerce's head of the food and grocery division, Hazem El Manoufi, has confirmed that the recent increase in diesel prices will not affect the prices of food items in both free markets and government-subsidized ration stores.
He explained that each company will decide whether to increase the price of its product or not based on market studies and the extent of its impact. He added that some companies would prefer to retain their market share instead of increasing prices of certain products.
El Manoufi stressed that each company would make its decision based on its specific circumstances and production costs, noting that supply and demand determine prices. However, he also pointed out that there are other practices that can lead to unjustified price hikes.
The Alexandria Chamber of Commerce will establish operations rooms from the division's board to monitor the availability and operations of grocery stores, supermarkets, and pharmacies in markets to ensure the availability of goods and follow them up moment by moment.
This will also prevent some traders from manipulating prices at the expense of citizens or withholding goods and storing them in preparation for price hikes.
In recent years, Egypt's economy has been on the rise, with a steady increase in GDP growth, which has been supported by a range of economic reforms and investment initiatives. The government has implemented measures to reduce bureaucracy and increase foreign investment, resulting in a surge in investment in the country's infrastructure and industries.
In addition, the country's tourism sector has seen a significant rebound in recent years, with increasing numbers of international visitors drawn to Egypt's rich cultural heritage and beautiful beaches. This has boosted the country's foreign exchange earnings and provided a much-needed injection of revenue into the economy.
Overall, these positive economic developments suggest that Egypt's economy is well-positioned to weather any potential challenges, such as the recent fuel price hike, and continue on its upward trajectory.
