The Clap
The government has issued price caps for unsubsidized bread for three months, or until further notice.
The deets
Prices for 45-gram, 65-gram, & 90-gram “baladi” bread loaves will be capped at EGP 0.50, EGP 0.75, & EGP 1, respectively. One kilogram will be capped at EGP 11.5.
All stores & bakeries must reflect these new prices in places visible to buyers outside their shops.
Why this matters
The Russia-Ukraine crisis could lead the government to require as much as EGP 15 billion in extra wheat spending this year. Egypt has been advised by the IMF to look for other sources to import wheat from other than Russia, & India is quickly emerging as a potential supplier.
