Egypt witnessed price reductions across various commercial chains since the inception of the price reduction initiative. The observed price drops have ranged from 5.7% to 32.5%, according to a statement released by the Cabinet.

These positive outcomes have also extended to retail stores, where strategic goods experienced notable decreases ranging from 4.2% to 25.1%.

This came during a meeting held by Prime Minister, Mostafa Madbouly, to follow up on procedures for controlling markets and commodity prices.

Madbouly added that these efforts have led to a decrease in inflation rates.

He indicated the government's commitment to ongoing efforts, in collaboration with the banking sector, to ensure the availability of foreign exchange necessary for procuring diverse goods. These concerted actions play a crucial role in maintaining price stability.

Earlier in June, Egypt’s annual headline inflation rate experienced a significant decrease in May, falling to 27.40% from 31.80% in April, according to recent data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).

The decline marks a continuing trend, as April witnessed a 1.30% decrease in the annual headline inflation rate from 33.10% in March.