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Impact of dollar on Egypt prices
The 3.5% increase in the US dollar exchange rate over the past two months, nearing 55 Egyptian pounds for the first time in six months, has led to higher import costs for production inputs and raw materials in Egypt. Consequently, the prices of many goods, such as animal feed, electrical appliances, meats, and plant-based cheeses, have experienced noticeable rises: - The animal feed sector was affected as input costs increased by 30 to 40%, due to rising prices of corn and soybeans, which Egypt heavily relies on importing. - The prices of plant-based cheeses rose between 20 and 30 Egyptian pounds per pack, driven by higher costs of imported oils used in manufacturing, along with increases in the global prices of milk and protein. - Meat prices increased by 15%, as the costs of feed and the import prices of live cattle went up. The prices of frozen meats also became tied to the dollar exchange rate. - The cost of household appliances rose by approximately 5%, due to higher prices for imported sheet metal, the imposition of tariffs on inputs, and the industry's reliance on importing 40-45% of its requirements. In summary, the dollar's appreciation has directly impacted the rising production costs, leading to significant increases in the prices of many essential goods in Egypt.
Notice: This Is an AI-Generated Summary
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