Egypt Raises Subsidized Bread Price to 20 Piastres for First Time in 30 Years

May 29, 2024, 12:47 PM

Egypt's government has announced a significant increase in the price of subsidized bread, raising it from 5 piastres to 20 piastres starting next month. This marks the first price hike in 30 years for a staple that is heavily relied upon by the population. Prime Minister Mostafa Madbouly stated that the increase is necessary to reflect the true cost of production, which is around 125 piastres per loaf. The government remains committed to the subsidies program but is exploring a shift towards a cash subsidies system to ensure sustainability. Egypt, often the world's largest wheat importer, has historically avoided such measures due to concerns over public unrest. The price hike comes amid a financial crisis and will take effect in June.