More than we think here in the US. Here is what Egyptians are facing with their household finances.
In November, overall inflation in Egypt topped 8.58 percent for the year, its highest level in 19 months. But food inflation has been much more pronounced.My guess is the food-fuel debate is about to get much hotter. And any hint of trouble during planting season will not be helpful to the current ethanol pseudo-business model.
Fitch, in downgrading Egypt's outlook to negative today, specifically cited the high food inflation, which it said was running at about 17 percent a year. The main drivers of food inflation are meat and sugar. [More]