The pound has been devalued by more than 15%, which will make imported goods more expensive.
2000 km south of the port of Odessa, Cairo suffered the brunt of the economic consequences of the war in Ukraine. Egypt, with a population of some 100 million whose staple foods are bread and couscous, is the world’s largest importer of wheat. Last year, more than 70% of its purchases of this cereal came from Russia (45%) and Ukraine (more than 25%) according to the FAO, the United Nations agency for agriculture and l ‘food.
The war, which risks amputating Ukrainian agricultural production and paralyzing its exports, has accelerated the rise in the prices of agricultural raw materials, already started in 2021 with the post-Covid economic recovery. The inflation figure for the month of February, recently released, climbed to 8.8%. This is the highest level for three years. Above all, this index masks a jump of 17.5% in food prices alone, which account for almost half (44%) of the household basket, specifies Olivier…