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Sunday, 14 November 2021

Gov’t to pay 13% more for local wheat next year

Local wheat prices to rise 13% for gov’t next year: The government will pay 13% more per ardib of locally grown wheat in 2022 according to the purchase prices that have been set by the supply, agriculture and finance ministries before planting for the new season begins. A joint statement from the ministries on Thursday said that the government would pay EGP 800-820 per ardib next year, up from EGP 705-725 this year.

Global wheat prices have spiralled this year, reaching new 10-year high as a combination of poor weather, surging fertilizer prices and export tariffs squeeze supply. Egypt — the world’s biggest importer of wheat — is facing a steeper import bill as its international tenders deliver the steepest prices in at least five years. The government is preparing to start reducing bread subsidies to soften the impact on the state budget, and is looking to prevent further damage with hedging contracts.

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