Guinea-Bissau sets new prices for rice, sugar, wheat flour

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Food Prices
Food Prices

The government of Guinea-Bissau has issued an order setting new prices for rice, wheat flour and sugar, according to a statement of the Council of Ministers issued Friday evening.

This decision follows excessive speculation on the prices of some products caused by the COVID-19 pandemic and the crisis in Ukraine, explained the statement.

Under the new order, the 50 kg bag of rice, which cost 17,500 CFA francs (29 dollars) now sells for 19,000 francs, while the 50 kg bag of sugar is now sold at 25,000 francs, and the 50 kg bag of wheat flour at 23,000 francs. Unlike rice, the prices of sugar and wheat flour have been revised downwards.

“The change in food prices on the international market gives rise to product price speculation on the local market and this has a direct impact on the national economy, as well as on the purchasing power of the population”, noted the statement.

“The country imports almost all consumer products, which is why it is important to respect the prices set at the level of the international market”, it said. Enditem

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