{"id":544568,"date":"2022-03-10T04:00:38","date_gmt":"2022-03-10T04:00:38","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/"},"modified":"2022-03-10T04:00:38","modified_gmt":"2022-03-10T04:00:38","slug":"govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/","title":{"rendered":"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly"},"content":{"rendered":"

<\/a> The world has seen an \"unprecedented\" increase in the prices of strategic goods <\/strong>over the past two weeks <\/strong>on the back of the conflict in Ukraine, Prime Minister Moustafa Madbouly said in a press conference<\/a> yesterday laying out the government\u2019s response to the crisis (watch, runtime: 40:41<\/a>).<\/p>\n

Russia\u2019s invasion of Ukraine is upending global food supplies and sending commodity prices soaring: <\/strong>The two countries provide around a third of the world\u2019s wheat, almost 80% of sunflower oil production, and about a fifth of corn exports. Global wheat prices have surged 48% over the past two weeks, adding more than USD 100 to the price per ton, Madbouly said. In addition, sugar prices have risen 7%, frozen meat by 11% and poultry by 10% over the same period, he said. Oil prices have risen 15%.<\/p>\n

Inflation was already on the up:<\/strong> Annual urban inflation reached a near two-and-a-half-year high in January<\/a>, underpinned by rising food prices and a declining base effect.<\/p>\n

No sugar coating:<\/strong> The government is \u201cfully aware\u201d of Egypt\u2019s unique exposure to rising commodity prices \u2014 and the cost of living is certain to rise, he said. Prices of unsubsidized bread have already increased by up to 50%<\/a> since the start of the conflict.<\/p>\n

The state will try to shoulder the burden:<\/strong> The government will try to absorb the costs \u201cas much as possible\u201d and relieve the inflationary impact on the public, the prime minister said. Finance Minister Mohamed Maait this week outlined the potential impact of the crisis on state finances, saying that the government may have to spend an extra EGP 15 bn<\/a> to cover wheat imports. The Finance Ministry is revising its budget targets<\/a> for the coming fiscal year in light of the situation, he said.<\/p>\n

But what about the subsidy taper?<\/strong> The prime minister didn\u2019t say anything about government plans to partially lift bread subsidies, a plan that was in the works long before Russia invaded Ukraine. The Supply Ministry is supposed to announce its proposals at the end of the month<\/a>, which could involve targeted cuts that ringfence the most vulnerable people.<\/p>\n

The government is working to secure at least 3-6 months of reserves in all basic commodities<\/strong>, Madbouly said. Egypt currently has enough wheat to cover the next four months, and after the local harvest begins in April a further 5.5 mn tonnes will be added to supply, giving the country enough wheat to last it until the end of the year<\/strong>, he said.<\/p>\n

And it\u2019s working on measures to step up wheat production:<\/strong> The government is preparing new incentives for farmers to increase the production of wheat, Agriculture Minister El Sayed El Quseir told Ala Mas\u2019ouleety\u2019s Ahmed Moussa last night (watch, runtime 10:55<\/a>), without disclosing details.<\/p>\n

It\u2019s not just food prices that are rising:<\/strong> Other areas of the economy such as manufacturing and construction will face higher input costs as the prices of raw materials rise. Iron ore prices have been climbing<\/a> over concerns that the conflict could curb global supply of the key steelmaking ingredient, while steel prices in Europe surged 22%<\/a> last week to their highest since August. Ezz Steel is now selling a ton of steel for EGP 17k after raising its prices by EGP 2k over the past month, while the Suez Steel Company hiked its prices by around EGP 1.5k, according to Masrawy<\/a>.<\/p>\n

The government has formed a crisis committee to manage the implications of the Russian-Ukrainian war<\/strong>, similar to the covid crisis committee that was formed in 2020, Madbouly said, adding that the government, private sector and the public \u201care able to overcome this crisis together.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"

The world has seen an \"unprecedented\" increase in the prices of strategic goods over the past two weeks on the back of the conflict in Ukraine, Prime Minister Moustafa Madbouly said in a press conference yesterday laying out the government\u2019s response to the crisis (watch, runtime: 40:41). Russia\u2019s invasion of Ukraine is upending global food […]<\/p>\n","protected":false},"author":1,"featured_media":544569,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[7305],"tags":[317,72,182,281,270,1095,304,563],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544568","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-commodities","tag-commodities","tag-enterpriseam","tag-inflation","tag-moustafa-madbouly","tag-russia","tag-russia-ukraine-war","tag-ukraine","tag-wheat","wpautop","entry"],"acf":{"mongo_id":"19cdf00e-f36b-465c-8115-096d9196dcfc","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/3\/121.jpg","photo_position":"above","related_issue":[544564],"teaser":"","voice_url":""},"yoast_head":"\nGov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/03\/10\/govt-to-shoulder-the-burden-of-unprecedented-food-energy-price-spikes-madbouly\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Gov\u2019t to shoulder the burden of \u201cunprecedented\u201d food, energy price spikes -Madbouly\" \/>\n<meta property=\"og:description\" content=\"The world has seen an "unprecedented" increase in the prices of strategic goods over the past two weeks on the back of the conflict in Ukraine, Prime Minister Moustafa Madbouly said in a press conference yesterday laying out the government\u2019s response to the crisis (watch, runtime: 40:41). 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Wheat, flour, oils and corn are all included in the export ban, along with lentils, pasta,\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/3\/140.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543814,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/20\/we-just-bought-tons-of-romanian-wheat-in-a-packed-tender-even-though-ukraines-bid-was-cheaper\/","url_meta":{"origin":544568,"position":1},"title":"We just bought tons of Romanian wheat in a packed tender \u2014 even though Ukraine\u2019s bid was cheaper","author":"enterpriseam admin","date":"20 February 2022","format":false,"excerpt":"The General Authority for Supply Commodities (GASC) just bought 180k tons of Romanian wheat for April shipment in a tender that may help ease policymakers\u2019 concerns about spiking food prices. Seventeen global suppliers took part in last week\u2019s tender \u2014 the most in at least five years \u2014 indicating that\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/273.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543775,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/17\/9-economic-growth-hedging-wheat-and-privatization-get-air-time-in-pms-presser\/","url_meta":{"origin":544568,"position":2},"title":"9% economic growth, hedging wheat, and privatization get air time in PM\u2019s presser","author":"enterpriseam admin","date":"17 February 2022","format":false,"excerpt":"Egypt\u2019s economy grew at a 9% clip in 1H2021-2022, with 8.3% growth during the second quarter of the current fiscal year, Prime Minister Moustafa Madbouly said at a presser yesterday (watch, runtime: 1:09:38). By comparison, our GDP growth came in at 1.3% in 1H2020-2021, Planning Minister Hala El Said said,\u2026","rel":"","context":"In "Economy"","block_context":{"text":"Economy","link":"https:\/\/enterpriseam.com\/egypt\/category\/economy\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/240.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543949,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/fresh-wheat-tender-on-monday-after-war-breaks-out-between-top-suppliers-russia-ukraine\/","url_meta":{"origin":544568,"position":3},"title":"Fresh wheat tender on Monday after war breaks out between top suppliers Russia + Ukraine","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"State grain buyer issues fresh wheat tender as war in Ukraine threatens supply: State grain buyer GASC will look to buy 55-60k tonnes of wheat in an international tender tomorrow, according to the authority\u2019s website.The bid comes days after GASC called off a wheat tender due to a lack of\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/368.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545517,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/03\/russia-upped-wheat-imports-in-march-while-ukrainian-shipments-remain-blocked\/","url_meta":{"origin":544568,"position":4},"title":"Russia upped wheat imports in March, while Ukrainian shipments remain blocked","author":"enterpriseam admin","date":"3 April 2022","format":false,"excerpt":"Russia boosted wheat exports by 60% in March despite disruption caused by its war in Ukraine, Bloomberg writes, citing consultant ProZerno. The country exported some 1.7 mn tons of wheat in March, with shipments running at a \u201crapid\u201d rate in the second half of the month after an initial slowdown\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/83.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":545970,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/04\/19\/state-cracks-down-on-bakeries-indian-wheat-to-the-rescue\/","url_meta":{"origin":544568,"position":5},"title":"State cracks down on bakeries + Indian wheat to the rescue?","author":"enterpriseam admin","date":"19 April 2022","format":false,"excerpt":"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\u2026","rel":"","context":"In "Commodities"","block_context":{"text":"Commodities","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/commodities\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/4\/318.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544568","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544568"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544568\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/issue\/544564"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544569"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544568"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544568"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544568"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544568"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544568"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}