Egypt launches measures to mitigate increasing prices ahead of Ramadan

The Egyptian government, led by Prime Minister Mostafa Madbouly, has introduced a package of measures to mitigate increasing food prices ahead of Ramadan.

The new measures are introduced to ease rapid inflation. According to the government data, 35 per cent of Egypt’s inflation rate is related to external factors. Egypt reportedly imports 80 per cent of its wheat from Russia and Ukraine. Egypt is facing pressure from the surge of wheat prices in the global market.

Madbouly said last week that some food items including wheat and poultry products in Egypt have witnessed a drastic surge in prices because of the Russia-Ukraine war.

PM Madbouly said that the government reserved basic food products for six months at reasonable prices. Madbouly confirmed that Egypt has enough wheat reserves to last till the end of 2022.

Reportedly, the government will also expand the distribution of the street stalls for selling subsidized essentials. The promotion campaigns for raising awareness about rationalising consumption is also on the agenda of the government.

Mohamed Mostafa, an economic expert, told Xinhua news agency, “The rise of prices in Egypt is part of an inflation wave that is hitting the world.” The government is reportedly trying to contain the current inflation wave by selling essential goods at lower prices and securing the stocks of the commodities.

The government announced on Sunday that a total of 189,000 tonnes of wheat from Russia, Ukraine, and Romania will reach Egypt in the coming days. On Saturday, Egypt imposed an export ban on cooking oil, corn, and all kinds of cracked green wheat for three months to secure citizens’ needs for basic commodities.

Ramadan will start in early April and the government has introduced measures to mitigate the rate of consumption of food products.

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