A 15-20% increase in the prices of imported spices in Egypt

Traders confirmed the increase in the prices of imported spices from 15-20% during the month of March, as they jumped with collective increases for most imported varieties, especially black pepper, Indian cumin, cloves, ginger and cinnamon. Traders attributed the increases in spice prices to several factors, most notably restrictions in the process of releasing imported shipments, starting last March, as well as the decline in the value of the pound against the dollar. The local currency had lost about two and a half pounds, starting from March 21 against the dollar, to touch its price of 18.27 pounds, compared to 15.7 before that period. Mahmoud Mostafa El-Sheikh, director of the Mostafa El-Sheikh Sons of Spices Company, told Al-Mal that huge and collective increases have occurred in the prices of imported spices, which constitute 80% of the spice supply in Egypt. He continued, "The prices of a number of spices jumped to record 95 pounds per kilo of black pepper, compared to 72 ...