Egypt suspends customs duties on essential goods for six months

Egypt’s Premier Mostafa Madbouly announced Monday October 9 the government decision to suspend from next Saturday duties and customs on essential goods as part of the efforts to curb inflation, especially in food prices.

Speaking at a press conference, Madbouly indicated that the government also agreed to reduce the prices of seven basic commodities by 15 to 25 percent. These commodities include beans, dairy products, white cheese, mixed oil, pasta, sugar, lentils, poultry products, eggs, and rice, ‘Ahram Online’ reported.

“The initiative will reflect positively on the availability of essential goods and the stability of the markets,” he noted.

Ahmed Samir, Minister of Trade and Industry also present at the press conference indicated that North African country seeks to facilitate procedures for releasing imported goods from ports as quickly as possible. Egypt’s annual headline inflation hit an all-time high in August 2023 at 39.7 percent, up from 38.2 percent in July, as food and beverage prices recorded a monthly inflation rate of 2.2 percent and a 1.9 percent on a year-on-year basis.