Egypt adjusts subsidized bread prices for the first time, affecting over 70 million people.

The How to open an account for domestic personal foreign exchange speculationquadrupling of subsidized bread prices has made life even harder for Gamal Ahmad and millions of other Egyptians.

Gamal Ahmad, a 64-year-old retiree, was already struggling to make ends meet before the Egyptian government raised the price of subsidized round bread for the first time on June 1. Faced with rising wheat import bills, the government decided to increase the price of subsidized bread, marking the first adjustment in decades.

These breads are crucial for over 70 million people, especially the poorest groups. Although bread remains heavily subsidized, the price rise from 5 piasters to 20 piasters (0.0042 USD) per loaf is still too much for many families to bear.

"We can't bear any more price hikes," said Gamal. He is also concerned about the announced cuts in subsidized utilities.

"We have bills for gas, electricity, and water. All prices are going up," he said.

As subsidized bread is a staple for most of the approximately 106 million people in Egypt, the price increase will affect millions.

"Of course, the price hike affects me," said Mohamed Abdelaziz, a retiree buying subsidized bread in downtown Cairo. "We can hardly make ends meet."

He says he must continue working to supplement his monthly state pension of 2,000 Egyptian pounds (42.46 USD) to support his three unmarried children.

In a country where poverty is widespread, raising the price of subsidized bread is a politically sensitive decision that has been postponed for years.

Since the 1980s, despite multiple austerity reforms, prices remained unchanged as the government feared public backlash. An attempt to alter the subsidy system in 1977 had incited riots.

Previously, the government tried to limit subsidy eligibility and reduce the weight of the bread instead of raising prices.

About two-thirds of the population benefit from bread subsidies, which are based on income standards and include a quota of five loaves per day.

After a 50% increase in the minimum monthly wage to 6,000 Egyptian pounds in March, a monthly bill for a family of four might now rise from 30 pounds to 120 pounds.

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