The Egyptian Ministry of Supply and Internal Trade is currently studying a request from the General Bakery Association to increase the prices of free-market bread. This comes as the cost of wheat, a key ingredient in bread production, has risen. According to Dr. Shreef Farouk, the Minister of Supply, the request is being reviewed along with an examination of production costs to determine the extent of any potential price increase.
The price of gold in Egypt has dropped significantly, with a 135-pound decrease per gram, bringing the price of 21-carat gold to 6100 pounds per gram. This decline is attributed to a 3.5% drop in global gold prices and an expected increase in US interest rates. Amr El-Maghraby, a member of the Gold and Jewelry Association, noted that the decline in gold prices has led to a slowdown in purchases, with many opting to sell their gold instead.
Media personality Amr Adib has criticized the removal of trees and green spaces to make way for commercial projects. He questioned the value of cutting down trees to establish activities that generate revenue. Adib noted that in some areas, such as Maadi, trees are being removed to make way for car shows and other projects, highlighting the need to balance economic development with environmental concerns.
The Egyptian Dar Al-Ifta has issued a statement clarifying that leaning on something when standing up from prostration during prayer does not invalidate the prayer. According to Dr. Ali Fakhr, an official at Dar Al-Ifta, this is permissible, especially for those who need it, such as the elderly or those with physical limitations.
Egyptian farmers are warning of a potential threat to the country's tomato crop from the "tomato worm" (Tuta absoluta). Hussein Abu Sadam, head of the Farmers' Union, stated that this pest can cause significant damage to tomato crops, leading to reduced yields and financial losses for farmers. He noted that tomatoes have become a challenging crop for farmers due to their year-round cultivation and unpredictable prices.
The General Bakery Association's request to increase bread prices is being considered amid rising production costs. The association has argued that the increase is necessary to reflect the higher cost of wheat and other ingredients. However, any price increase would need to be balanced against the potential impact on consumers, particularly those who rely heavily on bread as a staple food.
The decline in gold prices has been attributed to a combination of global and local factors, including the expected increase in US interest rates and the rise in oil prices. Despite this, gold remains a popular investment option in Egypt, with many investors buying and selling gold as a hedge against inflation and currency fluctuations.
Key points
- The Egyptian Ministry of Supply is studying a request to increase the prices of free-market bread due to rising wheat costs.
- Gold prices in Egypt have dropped by 135 pounds per gram, attributed to a decline in global gold prices and expected US interest rate hikes.
- The "tomato worm" (Tuta absoluta) is threatening Egypt's tomato crop, potentially leading to reduced yields and financial losses for farmers.
