The government has seized goods and equipment from bakeries it says engaged in price gouging, with a cabinet statement saying the Interior Ministry has logged more than 14k cases.

The details: The government has seized flour, bread, smart cards, and tills from bakeries that sold unsubsidized bread at prices higher than those set by cabinet last month — or who otherwise violated regulations on bread standards and bakery operations (like taking more subsidized wheat than they were eligible for, or failing to advertise their prices and opening hours). Bakeries selling above price caps face fines between EGP 100k and EGP 5 mn.

Bakers aren’t the only ones under the microscope: The state has also seized foodstuffs, building materials, butane cylinders, car engine oils, medical supplies, cosmetics and other products from traders who tried to hold back stock or sell at a premium to fair market prices. The ministry statement cites some 6.8k cases since cabinet introduced controls in early March to tamp down on rising prices amid soaring global commodities prices.

The CPA is also on the case: The Consumer Protection Agency has filed over 3k reports since 7 March detailing cases in which it claims retailers failed to post their prices, issue invoices, or account for the origin of their goods, or who sold goods at inflated prices, according to the statement.

Key commodities remain available and at reasonable prices, the Interior Ministry said. Meanwhile, the Agriculture Ministry said the recent spike in the price of tomatoes (which we can anecdotally confirm) has stabilized after it upped supply to the local market.

MEANWHILE– The Agriculture Ministry is working with the national poultry federation to introduce contract farming for corn, the statement read, without providing further details on what that might look like. The state hopes the total cultivated area for corn will reach 3 mn feddans this year. The move is part of a bid to reduce farmers’ reliance on imported feed.

Global corn prices approached a decade-high as they passed USD 8 / bushel yesterday, on the back of supply chain disruptions exacerbated by the ongoing war on Ukraine, Bloomberg reports.

India to the rescue on wheat imports?

India hopes to export 3 mn tonnes of wheat to Egypt this year, the head of the country’s agricultural exports body told Times of India after the Madbouly government earlier this week added the country to our list of wheat suppliers. That would represent around a quarter or more of our annual imports. We’re sure you don’t need reminding that before the war, Russia and Ukraine provided more than 80% of our imported wheat — spurring the government to diversify supply once the conflict cut off Ukrainian supply and sent market prices soaring.

India is the world’s second-largest wheat producer after China and has become a key supplier to countries hit by the fallout from the Ukraine war. The country could potentially ship 12 mn tons in 2022-2023, up from 8.5 mn tons last year, helping to ease the pressure on global supply and bring down food prices that have shot to record highs.