Wednesday February 21st, 2024
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Ministry of Supply Gives Retailers 10 Days to Regulate Sugar Prices

The measure is being implemented in response to rising costs of food staples amidst soaring inflation.

Cairo Scene

As sugar prices surge in Egypt, the Ministry of Supply has given producers and retailers 10 days to regulate sugar prices. The ministry announced that while the country’s strategic sugar reserves are enough to meet demand for more than five months, they may resort to forced pricing measures if the market fails to regulate itself.

Since the 2023 fiscal year, grocery costs have been rising sharply. In response, the government has implemented sugar export bans three different times with the goal of stabilizing domestic supplies and offerings, after facing challenges managing price hikes for staples like rice, onions, and eggs amidst soaring inflation.

To boost agricultural output long-term, the government is working to reclaim 3.5 million acres of land and offered higher procurement prices for this season's sugar beets. Beet cultivation has expanded by nearly 10,000 acres to a total of 620,000 acres.

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