Egypt to raise sugar, cooking oil prices at subsidised outlets – statement

Egypt is set to raise the price of sugar by 14 percent and cooking oil by 20 percent at government outlets starting on Wednesday, a Ministry of Supply official announced Tuesday.

Cooking oil will jump to 12 Egyptian pounds ($0.6417) per 800ml bottle from 10 pounds currently and sugar will increase to eight pounds per kilogram from seven.

The North Africa country of over 90 million people provides subsidised goods at government outlets to defray the cost of living in a country where core inflation hit 25.86 percent in December.

Egypt has committed to economic reforms as part of a three-year, $12 billion International Monetary Fund loan it secured last year to kick-start its ailing economy but has said it remains committed to social safety nets to soften the blow of austerity for its poorest citizens.

Source: Reuters