Middle-East Arab News and Opinion - Asharq Al-Awsat is the world’s premier pan-Arab daily newspaper, printed simultaneously each day on four continents in 14 cities
Egyptian Supply Minister Ali Moselhy said on Thursday deciding a new price for subsidised bread "will take time", while announcing a rise in the price of vegetable oil for the second time this year.
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Tuesday, 29 December, 2020 - 05:30
Egyptian workers harvest wheat in the village of Shamma in the Egyptian Nile Delta province of al-Minufiyah. (AFP) Asharq Al-Awsat Egypt, the world’s largest wheat buyer, expects prices to stabilize in the coming months after recent highs driven by uncertainty during the coronavirus pandemic and recent protective measures such as the Russian export quota.
The North African country is one of the main buyers of Russian grain and has looked to bolster its strategic reserves of wheat, which the supply ministry said on Sunday were sufficient to cover five and a half months of consumption.
“We’ve seen highs over the last three months which, in my opinion, are not caused by what we used to say before, such as weak harvests or climate factors, it’s all coming from uncertainty,” Egyptian Supply Minister Ali Moselhy said.