Egypt, traditionally one of the world’s largest wheat importers, will implement a significant increase in the price of heavily subsidized bread, announced Prime Minister Mostafa Madbouly during a press conference held on Wednesday.
Effective from June, the price of subsidized bread will rise from 5 piastres to 20 piastres. Supply Minister Ali Moselhy, speaking at the same press conference, indicated that the new price hike accounts for 16% of the bread’s production cost, which has escalated from 115 piastres to 125 piastres since last year.
Moselhy further noted that Egypt consumes approximately 8.5 million tons of wheat annually.
In March, the finance ministry disclosed plans to allocate approximately 125 billion Egyptian pounds ($2.66 billion) for bread subsidies in the 2024/2025 state budget. Additionally, around 147 billion pounds were earmarked for subsidies on petroleum products.
