Egypt vows to keep food prices in fair range amid Russia-Ukraine war

Cairo, March 10 Egyptian Prime Minister Mostafa Madbouly has pledged to keep food prices at a fair range amid the ongoing war between Russia and Ukraine.

"We coordinate with the chambers of commerce to ensure food commodities at fair prices and to avoid any kind of exaggeration," Madbouly told reporters here.

The Russian-Ukrainian crisis has "negative repercussions and effects" on all countries including Egypt, Xinhua news agency quoted the Prime Minister as saying, citing worldwide waves of inflation as confirmed by the International Monetary Fund and the World Bank.

However, the Egyptian government focuses on ways to absorb the most part of such inflationary waves and let the citizens face the least part, he noted.

While the flour price in Egypt increased by 9 per cent before the crisis and 17 percent after the crisis, it hiked by 48 per cent on the global level, Madbouly said.

Although the price of cooking oil increased by 10 per cent in Egypt, its global increase reached 32 per cent, he added.

Egypt is the largest wheat importer in the world, with the biggest portion coming from Russia and Ukraine.

Egypt used to import about 12 million tonnes of wheat annually, but the number dropped significantly in 2021 to about 5.5 million tonnes after greater agricultural land reclamation and local wheat planting that supplied the country with 3.5 million tonnes last year, according to official data.

"It is targeted to secure between 5 million and 5.5 million tonnes of wheat from local production this year," Madbouly said during the press conference.

He emphasised that the Egyptian government always strives to maintain reserves of essential commodities sufficient for three to six months.

The Prime Minister said the government will closely and strictly monitor the local market to prevent hoarding or any kind of monopoly.

Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor