CAIRO, Feb 13 (MENA) - Prime Minister Moustafa Madbouli announced Thursday the inflation rate is declining nationwide.

Egypt's annual urban consumer price inflation rate inched down to 23.2% in January from December, he said, expecting the inflation rate will see a tangible decrease in February.

"The government is paying greater interest to this file. We are closely following up on it," added Madbouli at a press conference following the cabinet's meeting in the government's premises in the New Administrative Capital on Thursday, in the presence of Finance Minister Ahmed Kouchouk and Minister of Investment and Foreign Trade Hassan el Khatib along with a number of reporters and media figures.

Madbouli added that the recent important meeting of the National Wages Council approved increases of Egypt's private sector minimum wages in accordance with the directives of President Abdel Fattah El Sisi to enhance social justice and improve citizens' living standards.

The prime minister denied that there are any links between the wage increases and price hikes, adding efforts are now focused on ensuring price control and market stability.

"I am following around-the-clock with the ministers of supply, agriculture, and petroleum and all bodies concerned about the availability of goods and supplies in local markets ahead of the holy fasting month of Ramadan."

He pointed out reductions in prices of some commodities such as vegetables and other foodstuffs.

Meanwhile, Madbouli reviewed his inspection visit to Egypt's giant Zohr gas field in the eastern Mediterranean after the arrival of drillship Saipem 10000 to begin work at the gas field.

Moreover, Madbouli said Egypt will play host to an emergency Arab summit on the latest developments of the Palestinian cause. (MENA)
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