Local prices of wheat has increased by EGP 1,000 ($63) in the six days following the Russia-Ukraine war, reports say.
Egypt is the world largest wheat importer and consumer with 11 million tons imported. The Arab country locally produces 9 million ton per annum.
Ezzat Aziz, official at the Cairo Chamber of Commerce’s agricultural crops and grain division, Arab Finance reports, told local media Al Borsa News that wheat prices reached EGP 6,700 per ton.
Aziz also indicated that the hike in wheat prices pressured prices of byproducts like flour, which spiraled up around EGP 1,500 to record EGP 7,700 per ton, Arab Finance adds.
The country is currently facing a shortage of wheat after the General Authority for Supply Commodities (GASC) cancelled two tenders for buying wheat due to increased prices amid the ongoing crisis between Russia and Ukraine.
It is the second cancellation since Feb. 24 when Russia launched the invasion of its neighbor.
Russia and Ukraine control more than a quarter of global wheat exports.
Egypt’s local wheat prices shot drastically amid Russian-Ukrainian conflict
