The Egyptian government has denied rumors about raising the price of subsidized bread starting next July, the Cabinet’s media center said in a statement on Saturday.
The Ministry of Supply and Internal Trade denied the rumors, affirming that authorities continue to sell subsidized bread for 5 piasters per loaf for eligible citizens.
The ministry added that 71 million citizens benefit from the subsidized bread, affirming that monitoring campaigns will be launched to ensure that bread is provided in line with all quality standards.
Over three decades, Egypt has provided subsidized bread for 5 piasters ($0.0016). However, President Abdel Fattah El-Sisi ordered in August increasing the price of the subsidized bread to help meet othger social needs.
In February last year, Prime Minister Mostafa Madbouli said the government will raise the price of subsidized bread but will make sure that the vulnerable citizens are not affected.
Last July, Madbouli said the government has been keen to continue subsidizing bread despite the major hike in wheat prices, noting that bread costs the state 80 piastres per loaf.
He added that Egyptians consume around 100 billion loaves on a yearly basis.
Egypt, the world’s largest wheat importer, has been keen to find new sources for wheat imports given that the country had used to get 80 percent of its imported wheat from Russia and Ukraine before the conflict broke out in February last year.
Egypt has also worked to encourage local farmers to supply wheat to the government in an effort to cover local consumption of bread.