Mohammed al-Masry, vice president of the Federation of Chambers of Commerce, has claimed fears over 30 June protests have fostered recession in Egypt's markets despite hopes for high-consumption during the upcoming month of Ramadan.
Masry also attributed the decline in market sales to an ongoing economic downturn, low incomes and political instability.
Consumers fear how demonstrations slated for 30 June may impact their purchasing power, the economic official claimed, with many denying they are hoarding food stores.
However, deputy chief of the Grocery and Foodstuff Division, Amr Asfour, said consumers are in fact storing goods in preparation for potential unrest.
“Prices of rice, palm oil and ghee went up last week,” he told the Turkish Anadolu News agency.
Egypt's Ministry of Supply and Internal Trade is meanwhile launching a campaign dubbed “Best Products for Best People” on 25 June, which aims to reduce food commodities' prices during Ramadan.
Ministry spokesperson Nasser al-Farrash said the campaign will supply the market with unlimited basic commodities via 4,000 sales outlets and mobile venues in poorer areas.
