A statement issued by the government said that in light of President Abdel-Fattah El-Sisi’s assignments, the President of the Republic, to study the cost of producing an unsubsidized free loaf of bread as well as its pricing.
Within the framework of the state’s keenness to address the unjustified increases in its prices, the Council of Ministers agreed to authorize the Ministry of Supply (SE:6004) to take the necessary measures to establish a mechanism for pricing free bread, to be implemented for a period of three months.
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And the price of wheat
The statement added that, in implementation of the directives of President Abdel Fattah El-Sisi, President of the Republic, to support farmers and encourage them to increase the quantities supplied of local wheat for the 2022 season, through an additional incentive.
The Council of Ministers agreed to disburse an exceptional incentive for supply and transport, at a value of 65 pounds, to be added to the predetermined supply prices, thus bringing the total supply prices, including the exceptional incentive.
The prices of wheat in the world market jumped from levels of 7.8 dollars per bushel, equivalent to 27 kg, to higher levels of 13.4 dollars per bushel, an increase of about 66%, in a few days after the invasion.
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Russian wheat exports have fallen 45.4 percent since the start of the 2021-2022 marketing season on July 1, due to a poor harvest and an export tax set at $86.3 per ton from March 16 to 22.
So far, the decision taken by Russia to suspend grain exports to some countries of the former Soviet Union has not been implemented.
Russia and Ukraine account for about 29% of global wheat trade, according to US Department of Agriculture data.
While the Egyptian government announced that it has strategic reserves of wheat that are sufficient for a period of 4 months, while the current production, with the start of the harvest season, covers an additional 4.5 months.
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