Sugar prices drop in Egyptian market: Supply ministry

CAIRO – 14 May 2017: Sugar producers and traders reached an agreement to reduce sugar prices to 10 EGP ($0.55) down from 10.50 EGP per kilo, the Ministry of Supply and Internal Trading said in a statement on Saturday.

The wholesale price of sugar will decrease in the trade sector, registering 9,000 EGP ($496.133) compared to 9,250 EGP per ton, while it will experience a larger decrease in the industrial sector, from 10,500 EGP to 9,250 EGP per ton.

The new prices will be applied as of Saturday, following a recent increase of sugar supply in the markets, Minister of Supply and Internal Trading Ali el-Moselhi said.

The measures taken by the government to increase sugar supply in order to cope with demand have contributed to the slashing of prices, which in turn will have a positive impact on decreasing inflation rates, he noted.

On Wednesday, the Central Agency for Public Mobilization and Statistics (CAPMAS) said Egypt’s headline inflation surged to 32.9 percent year-on-year in April, compared to 10.9 percent of last year.

CAPMAS added that the monthly inflation rate continued to decelerate to 1.8 percent in April, from 2.1 percent in March, 2.7 percent in February and 4.3 percent in January.