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Sunday, 19 June 2022

Last Night’s Talk Shows: Food prices are set to rise again + We’ll be frying some more of our own oil

Leading the airwaves yesterday: Watch out for (yet more) rises in commodities prices as the war in Ukraine continues to choke grain supplies, Internal Trade Development Authority (ITDA) head Ibrahim Ashmawy told El Hekaya (watch, runtime: 3:20).

“We don’t know when this war will end, [hence] predictions of further price increases on several commodities with inflation surging,” Ashmawy said. “The state bears EGP 0.70 per loaf of the subsidized baladi bread it sells at EGP 0.05. The cost will be even higher if wheat prices rise,” he said, without suggesting that the price of subsidized bread for beneficiaries is set to change.

More local cooking oil: The Supply Ministry will invite private sector companies to invest in and manage five new cooking oil companies it is setting up, Ashmawy said (watch, runtime: 3:31). Production at the new facilities could begin in 2025, he said, adding that we currently import around 97% of cooking oil from abroad.

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