In addition, there is a clear state of stability for major commodities, according to Dr. Alaa Ezz, Secretary-General of the Federation of Chambers of Commerce. He noted that while some false information is being spread, the reality bears out the opposite, especially for basic commodities. The stock of strategic and basic commodities is sufficient for six months.
The state laboured to offer a store of strategic commodities for sugar, oil, soy, tea, and other items, Ezz said in his exclusive statements, creating a situation of stability in the markets at the time.
The Food and Agriculture Organization of the United Nations (FAO) food price index decreased by 8, according to Ezz.
6%, which is the fourth consecutive monthly reduction, is at its lowest level since January 2022 but is still greater than it was in the years before to the Russian-Ukrainian crisis. The drop is anticipated to continue in the upcoming months to approach the prices of last year after increasing by 13. 1% over the same time in 2021. The price index for vegetable oil decreased by 19.
2%, the lowest level in ten months, as a result of the drop in palm oil prices and the anticipation of plentiful supplies of Indonesian exports, soybeans, and rapeseed due to a decrease in demand and the prospect of plentiful supplies of fresh harvests, he continued.
He provided an explanation for the 11. 5% drop in the grain price index that was caused by a 14.
Following the agreement between Ukraine and Russia on releasing the export movement from the major Black Sea ports and the seasonal availability of current crops, there was a 5% decline in wheat. Argentina and Brazil have access to it during the season, which reduced price pressure as global rice prices declined for the first time in 2022.
Chambers of Commerce: Market stability and the stock of strategic products are adequate for six months.
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