Supply Ministry raises subsidized bread production cost

Supply Ministry raises subsidized bread production cost: Supply Minister Ali El Moselhy agreed yesterday with the Federation of Egyptian Chambers of Commerce’s bakeries division to raise the cost of subsidized bread production to EGP 180 per each 100 kg sack of flour, up from EGP 160, Al Masry Al Youm reports. Each sack of flour yields 1,250 loaves. The new figure covers the increase in diesel prices, which the Supply Ministry will cover. El Moselhy said he would coordinated with the Finance Ministry to bring the new prices into effect at the beginning of August. Separately, the subsidized commodity vendors’ union issued a statement claiming that bakeries are continuing to take advantage of loopholes in the bread point system, resulting in EGP 7 bn in losses to the state, Al Mal reports.