The Egyptian Ministry of Supply has postponed a decision to increase the prices of bread for a week, according to Khaled Fekri, head of the Cairo Chamber of Commerce's bakery division. The decision was made during a meeting with the Minister of Supply to discuss the rising costs of bread production. Fekri stated that the price of wheat has increased globally, causing the price of a ton of wheat to rise from 17,000 pounds to 21,500 pounds, a 25% increase.
The increase in wheat prices is attributed to the rising costs of transportation from Russia and Ukraine via the Black Sea. This has led to a surge in the prices of bread, prompting the Ministry of Supply to consider increasing the prices of bread. However, the ministry has decided to delay the decision for a week to monitor the situation and assess the impact of the rising wheat prices on the local market.
Fekri assured consumers that the current directive on subsidized bread prices remains in effect, and any potential price increase will be carefully considered and linked to actual production costs. The Ministry of Supply is working to stabilize the market and ensure that bread remains affordable for citizens. The decision to postpone the price increase is seen as a move to alleviate pressure on low-income households.
The price increase was being considered for subsidized and non-subsidized bread, including the popular "baladi" bread. The Ministry of Supply has been working to maintain the stability of the bread market, despite the challenges posed by rising global wheat prices. Egypt is one of the world's largest consumers of wheat, and the government has been working to ensure a steady supply of bread to citizens.
The Egyptian government has been implementing measures to mitigate the impact of rising global prices on the local market. The Ministry of Supply has been working with local bakeries to ensure that bread remains affordable and widely available. The postponement of the price increase is seen as a move to support low-income households and maintain social stability.
The Cairo Chamber of Commerce has been closely monitoring the situation and working with the Ministry of Supply to find solutions to the challenges facing the bread market. Fekri emphasized that the chamber is committed to supporting the Ministry of Supply in its efforts to stabilize the market and ensure that bread remains affordable for all citizens.
The decision to postpone the price increase has been welcomed by consumers, who have been concerned about the impact of rising prices on their livelihoods. The Ministry of Supply has assured citizens that it is working to maintain the stability of the bread market and ensure that bread remains affordable and widely available.
Key points
- Egypt's Ministry of Supply postpones decision on increasing bread prices due to rising global wheat prices.
