Egypt reportedly sets up weekly prices guide for fruits and vegetables to help curb producer prices speculation, cut fresh produce prices

, October 7, 2013 () – Egypt's supply ministry set up a weekly prices guide for fruits and vegetables to help curb producer prices speculation and hopefully to cut fresh produce prices which remain the main boosters of overall food costs and consequently CPI inflation, daily Alahram reported. The minimum and maximum prices of fruits and vegetables will be announced every Thursday of the week by a committee of supply and agriculture ministerial officials and producers. Those who do not abide by the set prices face fines and prison sentences.

Egypt's urban CPI inflation slowed to 9.7% y/y in August 2013 from 10.3% the month before but still remains among MENA's highest. Food prices (40% of the index) are the main price growth engine. Fruits prices rose 18.2% y/y in August and those of vegetables increased 15.7%.

Egypt's supply ministry set up a weekly prices guide for fruits and vegetables to help curb producer prices speculation and hopefully to cut fresh produce prices which remain the main boosters of overall food costs and consequently CPI inflation, daily Alahram reported. The minimum and maximum prices of fruits and vegetables will be announced every Thursday of the week by a committee of supply and agriculture ministerial officials and producers. Those who do not abide by the set prices face fines and prison sentences.

Egypt's urban CPI inflation slowed to 9.7% y/y in August 2013 from 10.3% the month before but still remains among MENA's highest. Food prices (40% of the index) are the main price growth engine. Fruits prices rose 18.2% y/y in August and those of vegetables increased 15.7%.

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