Egypt vows to keep food prices in fair range amid Russia-Ukraine crisis

A man sells fruit and vegetables at a market in Cairo, Egypt, on March 9, 2022. Egyptian Prime Minister Mostafa Madbouly on Wednesday pledged to keep food prices in the fair range amid the ongoing conflict between Russia and Ukraine. (Xinhua/Ahmed Gomaa)

CAIRO, March 9 (Xinhua) -- Egyptian Prime Minister Mostafa Madbouly on Wednesday pledged to keep food prices in the fair range amid the ongoing conflict between Russia and Ukraine.

"We coordinate with the chambers of commerce to ensure food commodities at fair prices and to avoid any kind of exaggeration," Madbouly told a press conference also attended by ministers of supply, agriculture, trade and industry, and finance.

The Russian-Ukrainian crisis has "negative repercussions and effects" on all countries including Egypt, the prime minister said, citing worldwide waves of inflation as confirmed by the International Monetary Fund and the World Bank.

However, the Egyptian government focuses on ways to absorb the most part of such inflationary waves and let the citizens face the least part, he noted.

While the flour price in Egypt increased by 9 percent before the crisis and 17 percent after the crisis, it hiked by 48 percent on the global level, Madbouly said.

Although the price of cooking oil increased by 10 percent in Egypt, its global increase reached 32 percent, he added.

Egypt is the largest wheat importer in the world, with the biggest portion coming from Russia and Ukraine.

Egypt used to import about 12 million tonnes of wheat annually, but the number dropped significantly in 2021 to about 5.5 million tonnes after greater agricultural land reclamation and local wheat planting that supplied the country with 3.5 million tonnes last year, according to official data.

"It is targeted to secure between 5 million and 5.5 million tonnes of wheat from local production this year," Madbouly said during the press conference.

He emphasized that the Egyptian government always strives to maintain reserves of essential commodities sufficient for three to six months.

The prime minister said the government will closely and strictly monitor the local market to prevent hoarding or any kind of monopoly. 

A boy buys bread at a market in Cairo, Egypt, on March 9, 2022. Egyptian Prime Minister Mostafa Madbouly on Wednesday pledged to keep food prices in the fair range amid the ongoing conflict between Russia and Ukraine. (Xinhua/Ahmed Gomaa)

People sell fruit at a market in Cairo, Egypt, on March 9, 2022. Egyptian Prime Minister Mostafa Madbouly on Wednesday pledged to keep food prices in the fair range amid the ongoing conflict between Russia and Ukraine. (Xinhua/Ahmed Gomaa)

Vendors sell vegetables at a market in Cairo, Egypt, on March 9, 2022. Egyptian Prime Minister Mostafa Madbouly on Wednesday pledged to keep food prices in the fair range amid the ongoing conflict between Russia and Ukraine. (Xinhua/Ahmed Gomaa)

A vendor arranges bread for sale at a market in Cairo, Egypt, on March 9, 2022. Egyptian Prime Minister Mostafa Madbouly on Wednesday pledged to keep food prices in the fair range amid the ongoing conflict between Russia and Ukraine. (Xinhua/Ahmed Gomaa)