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Thursday, 2 February 2017

House protests government staple goods price hike in Wednesday’s session

MPs protest increase in staple prices: A number of members of the House of Representatives loudly objected yesterday to a hike in the prices of subsidized sugar and cooking oil imposed on Tuesday, Al Mal reported. MPs said they were concerned move is the first step in the way of removing food subsidies entirely, what they said is despite the dire need for them. In an “urgent memo” (foreign readers: that’s a thing here in Omm El Donia) the House Economic Committee asked Supply Minister Mohamed Ali El Sheikh to repeal the “sudden” decision and requested his presence in a general hearing to discuss the reasons behind the hike.

In other industry news, food manufacturersincluding dairy-producer Kiri, snack-maker Mondelez, Pepsi, and Coca Cola have announced price increases for February ranging from 6-33%, according to Al Borsa.

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