Egypt To Launch Mobile Apps To Tackle Price Inconsistencies

April 10, 2024


Egypt plans to launch two mobile applications in July to tackle price inconsistencies and enhance transparency in the local market regarding commodity pricing, according to a statement released in April by the Egyptian cabinet. These apps aim to empower users to access and report commodity prices, fostering a more informed consumer experience.

Regulating markets

One of the two applications, the “Price Radar App,” will allow users to easily search for and compare prices of different items at nearby stores. Users can actively contribute by adding information such as item prices, store names, and locations, thereby enriching the database and improving the app’s accuracy.

The other application, the “Complaints and Reports Application,” was developed by the cabinet’s Information and Decision Support Center (IDSC) in partnership with the Consumer Protection Agency. The application is dedicated to lodging complaints and reporting issues related to products sold in local markets, providing consumers with a platform to voice their concerns and ensure prompt action is taken to address grievances.

During a recent meeting with the Prime Minister, Deputy Prime Minister Osama El-Gohary, also acting head of the IDSC, presented an overview of price fluctuations in key commodities such as sugar, cooking oil, and pasta. Following the government’s directive to lower prices before the Eid Al Fitr holiday, commodity prices in commercial chains saw a decline ranging from 9% to 29% nationwide within a week, he said.

El-Gohary outlined future initiatives to stabilize market prices, including proposals to share data on registered food production and distribution companies affiliated with the Ministry of Supply and Internal Trade. Additionally, consideration is being given to implementing a new electronic tracking system for strategic products to monitor production, distribution, and storage volumes, ensuring greater market efficiency and transparency.

Price hikes

Commodity prices in the Egyptian market have witnessed significant increases over the past two years, with the price of every single product soaring by over 400% compared to pre-March 2022 levels.

According to the latest government data, Egypt released commodities from ports valued at $1.7 billion, a development that helped reduce prices in the local market.