Egypt is spending more than four billion Egyptian pounds (1.2 billion dollars) to subsidize basic foodstuffs, Supply and Internal Trade Minister Hassan Khedr said Saturday.
Up to 2.8 billion Egyptian pounds is spent subsidizing bread, 655 million pounds for sugar, and 634 million pounds for cooking oil.
The subsidies should result in annual savings per household of 237.5 Egyptian pounds for bread, 76.3 pounds for sugar, and 73.9 for oil, Khedr said after a cabinet meeting chaired by President Hosni Mubarak.
The average annual income in Egypt is estimated to be about 4,000 Egyptian pounds (1,200 dollars).
The cabinet meeting was devoted to finding ways to bring down prices, and focused particularly on expanding wholesale business and encouraging competition.
British Sainsbury's chain store has already sharpened price competition by bringing in basic foodstuffs at half price -- CAIRO (AFP).
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