CAIRO, May 29 (Xinhua) -- Egyptian Prime Minister Mostafa Madbouly announced Wednesday that the price of subsidized bread will increase up to 20 piasters.
The new decision will be enforced as of June 1, the prime minister told a televised press conference.
The price of a loaf of bread, which is 5 piasters now, has not been changed for more than 30 years, he said, noting that it costs the government 125 piasters to produce it.
However, Madbouly said bread subsidies would continue, adding that adjustments have to be made to reflect the significant increases in production costs.
He added that the cabinet discussed means of promoting the subsidy system to ease financial burdens on the government and ensure that the subsidized commodities reach the people that truly need them.
Egypt consumes 8.5 million tons of wheat and produces 100 billion subsidized loaves of bread per year, said Ali Moselhi, the minister of supply and internal trade, at the press conference. ■
