Wheat at record is the worst thing that could happen to Egypt
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ShareThe price of wheat on the active futures contract shot up to $9.43 a bushel from only $6.25 a bushel just a month ago, due to the drought in the US Midwest and other factors. That is a further blow to stability in Egypt, the world's largest wheat importer, dependent on foreign sources for half its caloric consumption. Egypt now imports 800,000 metric tons of wheat a year.
The government is considering doubling the price of bread (hat tip: Daniel Pipes):
The general department of mills and bakeries at the Federation of Chambers of Commerce has been asked to begin a study on setting the fixed price of bread at 10 piasters instead of five, according to the department head.
Prime Minister Kamal al-Ganzouri has also asked the department to study freeing the milling and baking sector from delivering the bread to the state at fixed prices, said Abdallah Ghorab, head of the department, on Saturday.
On Saturday Ganzouri discussed bread distribution and how resolve worker's low wages with Minister of Supply Gouda Abdel-Khalek and Ghorab.
An official cabinet source, however, denied that the cabinet intends to increase the price of a loaf of bread from five to 10 piastres.
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