Egypt Raises Prices of Most Subsidized Goods Except Bread

A document seen by Reuters revealed that the Egyptian Ministry of Supply and Internal Trade has raised prices for most subsidized goods sold to over half of the population, effective from this Monday. Among the items that saw price increases is a bottle of vegetable oil, which rose to 30 Egyptian pounds ($0.97) from 25 pounds. The price of one-kilogram bags of sugar and rice also increased to 12.60 pounds from 10.50 pounds. More than 60 million people benefit from a subsidy system that provides each household with a ration card 50 Egyptian pounds ($1.62) per individual monthly to purchase around 32 subsidized items, including pasta, flour, and fava beans. Additionally, the government provides highly subsidized bread for more than 70 million out of 104 million citizens. The government has postponed plans to raise the price of subsidized bread, which has remained unchanged for decades, in light of the repercussions of the war in Ukraine.