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Egypt's strategic sugar reserves cover 7.8 months: Supply Minister

Egypt’s strategic sugar reserves can cover local consumption needs for nearly 7.8 months, Minister of Supply and Internal Trade Ali Moselhi revealed.
13.12.23 | Source: Ahram Online

Speaking at the Food Africa 2023 and Pacprocess exhibitions running at the Egypt International Exhibitions Center in Cairo from 12 to 14 December, Moselhi assured listeners that Egypt's strategic commodities reserves are well-stocked to meet domestic needs for several months.


The exhibitions featured participation from over 900 companies representing 32 countries.


Despite these assurances, Egypt has been grappling with a significant sugar crisis in recent weeks, resulting in skyrocketing prices of up to EGP 50 per kilogram in the markets, owing to vendors and food and beverage companies hoarding sugar supplies.


In response, the government has implemented a series of measures and interventions, including injecting additional sugar into the markets and further empowering regulatory authorities to control prices.


Most recently, Prime Minister Mostafa Madbouly called for regular reports on sugar prices in the markets until they stabilize at the desired EGP 27 per kilogram level.


Regarding wheat, Minister Moselhi revealed that the strategic reserves are sufficient for approximately 4.8 months.


Egypt is expected to import 12 million tons of wheat during the current FY2023/24, which commenced on 1 July, making it once again the world's top wheat importer, according to a report by the Food and Agriculture Organization.


The country consumes up to 18 million tons of wheat annually, importing most of that amount from Russia and Ukraine, which have been at war since February 2022.


In terms of food oils, Moselhi stated that current reserves are adequate to meet local consumption for six months.


 Egypt’s annual headline inflation decelerated to 36.4 percent in November, down from 38.5 percent a month prior, according to data released by the Central Agency for Public Mobilization and Statistics (CAPMAS).


Despite this, commodity prices continue to climb amid supply shortages.


As per CAPMAS data, November prices of food and beverages recorded a 63.9 percent increase compared to November 2022, due to rising prices of meat and poultry, vegetables, and sugar and sugary foods by 81.6 percent, 78.2 percent, and 47.4 percent, respectively.

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