CAIRO: Poultry prices continue to hike in the local market for the second week in a row, a few days ahead of Ramadan, to increase by about 3 EGP ($0.40) for a kilo, Youm7 reported Sunday.
It is expected for the red-meat to reach 25 EGP ($3.27) for one kilo, and 20 EGP ($2.62) for the white-meat.
Farmers attributed the soaring prices to the spread of viruses, soar prices of the feed and shortage of the commodities.
A total of 29,300 farms in Egypt are capable of producing 1.3 billion chickens, according to the Ministry of Agriculture’s statistics. However, these farms produce only 615 million chickens, Youm7 reported.
Egypt’s food prices have soared amid decreasing global food prices, according to a U.N. Food and Agriculture Organization report released May 7.
Earlier in May, President Abdel Fatah al-Sisi met with Minister of Supply Khaled Hanafy, to discuss the reason behind the hike in prices, according to Youm7.
On the other hand, the Central Bank of Egypt announced May 4 the sale of $500 million in the interbank market, to clear outstanding strategic staple food commodities with the approach of the month of Ramadan, where Muslims across the world fast from dawn to sunset.