"Egypt: Soaring Wheat Prices Turn Food Security Into A Priority"

"Egypt is pushing for reforms following the disruption of the wheat market and soaring inflation. While experts see no immediate food scarcity, the future will depend on real reforms to prevent another uprising."

"This week was a turbulent one for Egypt's 102 million people.

First, the government devalued the Egyptian pound by 14% against the US dollar after the war in Ukraine triggered a hike in prices for wheat products and other foods. The devaluation was meant to counter pressure on the currency caused by foreign investors pulling billions of dollars out of Egypt's treasury markets.

Subsequently, to address the resulting spike in inflation, the central bank increased interest rates by 1%, citing "domestic inflationary pressures and increased pressure on the external balance."

Then, to counter the soaring prices for non-subsidized bread, Egyptian Prime Minister Mustafa Madbouly introduced a price cap for the next three months."

Jennifer Holleis and Mohammed Magdy report for DW March 26, 2022.

"Mideast Feels the Pinch of Rising Food Prices as Ramadan Nears" (New York Times)

"Russia’s Ukraine War Boosts Food Prices In U.S., Vexing Farmers About Planting More" (CNBC)

"Could The War In Ukraine Trigger A Global Food Crisis?" (Radio Free Europe)

Source: DW, 03/28/2022