A quadrupling of the price of subsidised bread has made it harder than ever for Egyptians.
An Egyptian man is helped by another person, as he carries bread on a wooden rack to be sold to customers after the price of subsidised bread jumped 300% to 20 piasters from 5 piasters in Cairo, Egypt June 3, 2024.A quadrupling of the price of subsidised bread has made it harder than ever for Gamal Ahmad and millions of other Egyptians to get by.
“We can’t handle any more ,” said Gamal, who is also worried about cuts to subsidised utilities that the government has announced.The impact of the price increase will be felt by millions because the subsidised loaves are a staple for much of the population of about 106 million. Increasing the price of the subsidised bread was a politically sensitive decision that had been put off for years in a country where cheap bread is important for many because poverty is widespread.
About two-thirds of the population benefits from bread subsidies, which are based on income and include an allowance of five loaves per day. Supply Minister Ali Moselhy says the new price represents just 16% of the cost of making the bread, which has been driven up by the weakening of Egypt’s currency and rising global wheat prices.
The government says it is expanding the social safety net, but some of its critics question cuts to bread subsidies after the government has spent heavily on mega-projects, incurring more debt.
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