Egypts food prices to increase amid COVID-19 pandemic

Egypt - The Institute of National Planning expects food prices in Egypt to continue rising, according to May issue.

Global food prices declined by 4.3% in March when compared to February, being in favor of the Egyptian economy as it contributes to reducing the value of the food bill, therefore, reduces the budget deficit.

According to the proposed scenarios, increasing prices of food commodities will require taking procedures by the state to control them in short and medium term.

The authority proposes increasing the number of government outlets that sell basic commodities at low prices, in addition to activating the current outlets that exceed 32,000 outlets.

Establish logistical trade zones at the governorate level is also among the recommended solutions.

The country should raise its strategic stock capacity of main commodities to six months, as Egyptians mainly rely on wheat, rice, pasta, and vegetable oils in their food portions.

Furthermore, the planning institute recommends increasing the stock of frozen meat, sugar, and poultry for about 12 months.

It is worth noting that the African country allocated EGP 15 billion in April for the immediate purchase of 3.5 million tons of domestic wheat.

Egypt previously announced its plan to import 800,000 tons of wheat.