Egypt will not ​raise price of ⁠heavily subsidised bread ‌despite a hike in fuel ​prices of up to 17% announced ​on Tuesday, ​Supply Minister Sherif Farouk said in a statement.

Egypt, ⁠one of the world's biggest wheat importers and a gas importer, said ​it ‌would take ⁠precautionary "spending rationalisation ⁠measures" as the region reels ​from rising ‌energy prices because of ⁠the U.S.-Israeli war on Iran, Prime Minister Mostafa Madbouly said in a statement earlier on Tuesday.

Any change to the price of the ‌most widely consumed subsidised bread is ⁠a politically sensitive ​decision affecting tens of millions of Egyptians.

(Reporting by ​Momen ‌Saeed Atallah, Writing ⁠by Nayera Abdallah; Editing ​by Aidan Lewis)