No Result
View All Result
Friday, July 18, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

Rising Libyan food prices on the eve of Ramadan: caused by Ukraine war and other external factors or simple profiteering?

Libya's political uncertainty is not helping

bySami Zaptia
March 17, 2022
Reading Time: 2 mins read
A A
Tripoli’s browned off bakers go on strike

Bread prices rose overnight by about a third last week purportedly due to the Ukraine war. The incumbent government says there is no justification for this and has ordered prices revert to their original level. Businessman Husni Bey says government should not interfere in markets (Photo: Archives).

Libyan consumers have been complaining about the sudden food price rises upon the outbreak of the Russian-Ukrainian war. Within days of the war starting, bakeries increased bread prices from four standard loaves per dinar to three loaves per dinar.

Libya is heavily reliant on imported Ukrainian and Russian grain for its bread flour. Prices of other basic foodstuffs such as flour, cooking oil, sugar, and tomato paste also rose.

The public were outraged. Social media commentary complained that the war in Ukraine had barely started when bakeries raised prices. They complained that new grain supplies had not arrived in Libya yet to instantly affect bread prices. They demanded that the government, which subsidises bread flour, act.

The incumbent Aldabaiba-led Libyan Government of National Unity reacted by announcing that basic food supplies such grain supplies for bread flour were plentiful and ordered bakeries to revert to the pre-Ukraine war prices. It wowed to conduct price inspections at bakeries.

The Aldabaiba v Bashagha battle for power
Markets like political stability. Instability encourages speculation and profiteering. In Libya’s case the internal political uncertainty has not helped. Both Caretaker Prime Minister, Abd Alhamid Aldabaiba (installed through the Libyan Political Dialogue Forum (LPDF) process), and newly House of Representatives appointed Prime Minister, Fathi Bashagha, are fighting for the role of exclusive Prime Minister. The fight could get messy and could take Libya back to days of two parallel governments and sovereign institutions – and ultimately to an oil production blockade and war.

RELATED POSTS

Libya’s financial stability hinges on disciplined fiscal management and strategic investment: Husni Bey

The official dollar exchange rate cannot be reduced as long as government spending exceeds revenues: Businessman ‎Husni Bey

This political uncertainty has left the door open for profiteering by some merchants who speculate that things could become even more unstable in Libya – at least in the short term.

Ramadan: a historically high food consumption month

To add to this international and domestic uncertainty, the holy fasting month of Ramadan is historically a high consumption month of foodstuffs. Unless supplies are equal or higher than demand, prices tend to rise anyway during this time. But beyond high demand and low supply, there are traders who take advantage and raise prices anyway. Some cause artificial supply shortages by hoarding goods.

The fact that the Ukraine war started so close to Ramadan has also meant that Libyan suppliers did not have enough time to react to increased demand and import food supplies from other sources.

Tags: bakeriesbreadflourfood pricesgraininflationRussiasubsidiesUkraine

Related Posts

Tax system reform forum makes 11 main recommendations
Business

Tax Authority holds symposium entitled “Tax on e-Commerce”

July 17, 2025
Libyan Ports fees increased by 235 percent to reflect dinar devaluation
Business

Libyan Ports Company signs contract in Germany for 154-ton Liebherr container crane for Khoms Port

July 17, 2025
CBL receives results from meetings with international banks
Business

CBL Governor Issa pushes for improved e-payment services despite increase of points of sale by 92% and e-transactions by 75% since 2024

July 16, 2025
CBL temporarily suspends chairman and directors of ATIB
Business

Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

July 16, 2025
Twenty-three dead and 106 injured in Tripoli’s security forces clashes
Business

After signing agreement in April with Georgetown University, the first emergency response training programme is launched in DC: EMSC

July 16, 2025
CBL receives results from meetings with international banks
Business

CBL orders government entities from 1 August to receive payment for services from citizens electronically

July 16, 2025
Next Post
UN appoints former US Tripoli embassy Chargé d’Affaires Williams as UNSMIL Deputy Special Representative

UN's Williams urges HoR to appoint proposed HoR-HSC Joint Committee members

Libyans can visit US soon as embassy prepares to restart visa section

Norland discusses with Aldabaiba prevention of outbreak of violence, distribution of wealth, reopening of airspace with east

ADVERTISEMENT

Top Stories

  • Libyan Railways Implementation Authority invites International Federation of Railways to participate in November workshop

    China to resume implementation of its stalled railways projects in Libya

    0 shares
    Share 0 Tweet 0
  • Libya and Nigeria discuss gas projects, extension of export pipelines to Europe and high-level delegation visit to Tripoli

    0 shares
    Share 0 Tweet 0
  • Tripoli based Libyan government plans to complete 150,000 housing units by 2030

    0 shares
    Share 0 Tweet 0
  • Fuel subsidies reached LD 60 billion, 30 percent of which is smuggled – therefore can invest just LD 5 bn in housing: CBL Governor Issa

    0 shares
    Share 0 Tweet 0
  • Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

National Strategy for Prevention and Combating of Corruption (2025-2030) launched by ACA

Western Mountain Military Region conducts operation around Ghadames against drug trafficking and transnational organised crime

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.