Egypt's Wheat Supplies Under Scrutiny Amid Global Food Price Surge

Global food prices have reached their highest level since November 2022, according to the FAO Food Price Index. In September, global food prices rose by 1.5% from August to 136 points. The increase was led by a 6.3% rise in international wheat prices and a 6.1% increase in sugar prices.

In response to rising global food prices, Egypt's Supply and Internal Trade Ministry has been monitoring wheat supplies closely. On October 4, the ministry held a meeting with representatives of the General Division of Bakeries and the Grain Industry Chamber to review the market's wheat requirements, consumption rates, and available quantities of wheat used to produce free flour.

The meeting resulted in an agreement to make quantities of wheat available periodically through the Egyptian Commodities Exchange for the production of free flour. The ministry also reviewed changes in production costs and other inputs for free and fino bread.

Meanwhile, domestic sugar and cooking oil prices have shown movement. According to data published on October 4 from the government's Local and Global Commodity Price Portal, the average price of packaged sugar stood at EGP 37.40 per kilogram, up EGP 2.04 from the previous day.