On 29 May 2024, the Government of Egypt announced a decision to increase the price of subsidized bread by four-fold. Under this measure, the price of bread, which had been fixed since 1988, will increase from EGP 0.05 to EGP 0.20 effective as of 1 June 2024. Bread is a staple food in Egypt and about two-thirds of the population benefits from subsidized bread.

The measure comes after the devaluation of the Egyptian pound against the United States dollar and the shift to a flexible exchange rate system in March 2024 with the purpose of easing the country’s budget deficit.