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In the context of inflation and geopolitical tensions, sugar prices in Egypt have risen sharply recently, people's daily expenses have increased, and the burden of living has increased.
According to local media reports, Egypt is a big consumer of sugar, and people can't do without sugar everywhere, from three meals a day, various drinks to daily snacks. Egypt produces 2.7 million tonnes of sugar annually, while demand reaches 3.5 million tonnes, according to the data.
Recently, affected by inflation, weak local currency, tight supply chain and other factors, the price of sugar in Egypt's domestic market has soared, of which the price of white sugar has risen from 40 Egyptian pounds per kilogram in October to 55 Egyptian pounds (about 13 yuan) at the end of November, an increase of nearly 40%. In the context of high inflation, the price of some commodities has increased by 100%.
Egypt has also taken a number of measures to stabilize sugar prices. These include cracking down on market speculation, increasing the supply of sugar to low-income earners, and setting a sugar price cap. In the middle of this month, the Egyptian government also announced a three-month extension of the country's ban on all types of sugar exports, until the end of March 2024. In addition, about 150,000 hectares of land will be reclaimed in Egypt in the future for the cultivation of sugar beet and sugar cane.
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Editor: Dong Lindan