Egypt’s Government Announces Potential Bread Price Increase

Egypt’s Prime Minister Mostafa Kamal Madbouly revealed that his government is planning to raise bread prices for the first time since 1985.

During a cabinet meeting, the Prime Minister said that the cabinet started studying raising the bread price, noting that the country now faces a sharp wave of imported inflation.

The imported inflation spikes and domestic buying power fades, adding, “The imported inflation rose to 35%.”

Furthermore, he explained that rising global demand has sent the price of oil up by 9.7 per today.

In the same connection, Madbouly said that the government hoped the news would not be poorly received and that the government was not planning a big increase.

It’s worth mentioning that bread subsidies now weigh ever heavier on the budget as supply jitters have driven up global wheat prices during the coronavirus pandemic.

Contributed by Ahmed Emam