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Food prices decline globally, surge in Egypt

Global food prices are likely to stay under pressure due to large supplies and a strong US dollar, according to the Food Outlook by FAO.

Vegetables, fruit, meat and fish markets in Egypt are witnessing a significant rise in prices, reports Saudi-based Al-Hayat.

This increase in prices led to a slowdown in the buying and selling movement in the markets, with consumers focusing on buying basic food only.

Consumers are calling on the government to strengthen the oversight of the markets, follow up on traders and impose unified tariffs.

The UN Food and Agriculture Organisation (FAO) announced on Thursday that global food prices continued to decline and fell to their lowest since 2010 on lower agricultural commodities prices. Dairy prices fell the most.

On Thursday, Egypt’s Prime Minister Ibrahim Mahlab directed Minister of Supply Khaled Hanafy to work on introducing price controls on food commodities, especially vegetables and poultry, after some commodity price hikes during the last few days.

Mahlab asserted that price control and confronting merchants’ greed are the responsibility of the supply minister.

He added that he tasked the supply minister to deal with such a phenomenon and to follow it up, adding that those responsible will be held accountable if it does not end soon.

The prime minister also underlined the importance of continuing efforts to develop cooperatives, stressing that he will not allow subsidised commodities to reach those who do not deserve it.

Global food prices are likely to stay under pressure due to large supplies and a strong US dollar, according to the Food Outlook by FAO.