More details on incoming price controls on unsubsidized bread
Gov’t efforts to hold down bread prices continued to dominate the airwaves last night: The government has tasked the Supply Ministry with setting up a pricing mechanism for unsubsidized bread, Al Hayah Al Youm's Mostafa Sherdy said (watch, runtime 5:51). President Abdel Fattah El Sisi ordered the government to set a fixed price for unsubsidized bread on Tuesday, and details on pricing are expected in the coming days. Head of the bakeries division at the Cairo Chamber of Commerce Attia Hamad voiced his strong support for the government’s decision to fix the price of unsubsidized bread on Yahduth fi Masr (watch, runtime 2:49) and pitched his own suggestions on combating bread price surges.
There is a sunset clause: The price controls will be in place for three months, Sherdy said.
Authorities are cracking down on supply hoarding and price manipulation, says Masaa DMC’s Ramy Radwan (watch, runtime 2:20). Over the past week, the Interior Ministry has arrested sellers for stockpiling and raising prices, and one of them has just been sentenced to five years in prison, Radwan said.