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Sugar prices get a sweet 33% boost

It reached EGP 32K/ton

What

Sugar prices for commercial sectors in Egypt have surged by an eye-popping 33% to reach EGP 32K/ton from factory sites, recent reports reveal.

So What

This price spike offers a ray of hope amidst concerns about escalating costs, indicating a gradual decrease in sugar prices and a promising boost in supply.

Hazem Al-Menoufy, a member of the General Food Division of the General Union of Chambers of Commerce, emphasized the positive trend, highlighting that local production now meets a substantial 90% of demand.

With this surge in supply, consumer prices are expected to drop to a range of EGP 40 to 42 per kilogram.

Some Context

The government’s recent decision to hike sugar prices by 33% aims to stabilize the market amid increasing production expenses and currency fluctuations. Despite these adjustments, the Ministry of Supply remains flexible in pricing, ensuring that consumers are shielded from drastic hikes.