In the context of inflation and geopolitical tensions, Egypt's sugar has recently been sharply reduced, people's daily expenditures have increased, and the burden of living has increased.
According to local 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 factors such as inflation, weak local currency, and tight chains, sugar in Egypt's domestic market has soared, of which 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, it has driven the ** increase of some commodities to 100%.
Egypt has also taken a number of measures to stabilize sugar**. These include cracking down on market speculation, increasing sugar consumption for low-income people, and setting a sugar ceiling. In the middle of this month, Egypt** 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.
*Please specify CCTV Finance.
Editor: Dong Lindan.