Minister of Supply Ali Al-Moselhi announced to Al-Sharq that Egypt will give traders 10 days to control sugar prices in the markets, and in the event of irregularity, “the government may resort to forced pricing.”
Sugar prices in Egypt jumped by more than 50% over the past week, with the price of one kilogram exceeding 50 pounds in the markets, amid some tending to stockpile the commodity with expectations that the government will raise its prices.
Al-Moselhi added on Sunday, on the sidelines of the “NEBU EXPO for Gold” held in Cairo, that the country’s sugar stock is sufficient for up to 5.5 months, stressing that the Ministry of Supply will not resort to dumping with regard to sugar to preserve the strategic reserve.
During the current year, Egypt suffered from record rises in the prices of basic commodities, such as sugar, rice, eggs, milk, meat, legumes, vegetables, and fruits, which it had not witnessed before, which contributed to a jump in inflation rates in cities during the first 9 months, before slowing down last October, to record 35.8% over the past year.
On an annual basis, after reaching 38% in September, according to data from the Central Agency for Public Mobilization and Statistics.
Egypt's sugar production reaches 2.8 million tons annually, while consumption exceeds 3.2 million tons, and the government imports the difference from abroad in cooperation with the private sector.
Last September, the Egyptian government extended the ban on sugar exports for another 3 months, with the exception of quantities surplus to the needs of the local market.
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