Egypt hikes subsidised bread price for first time in decades ...Middle East

CAIRO: Egypt's cabinet decided Wednesday to raise the price of subsidised bread for the first time in 30 years, Prime Minister Mostafa Madbouly said.The price of a loaf, long set at five piastres ($0.001), would quadruple to 20 piastres ($0.004) from June 1, Madbouly told a news conference.Madbouly acknowledged the move would be unpopular but emphasised the need to “rationalise the burden on the state treasury to ensure the sustainability of subsidies”.Of the country's 106 million people, 71 million benefitted from bread subsidies, he said.While the official price of a subsidised loaf has remained stable for three decades, consumers report its size has progressively shrunk.ALSO READ: Rising

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Last updated : 29 May 2024 clock 05:56 PM

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Egypt hikes subsidised bread price for first time in decades ...Middle East

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