Soaring US dollar spreads pain worldwide

A surging U.S. dollar makes local currencies weaker in other countries throughout the world and contributes to skyrocketing prices for everyday goods and services. The dollar is up 18% this year and recently hit a 20-year high.

By

World News

October 19, 2022 - 1:46 PM

Photo by Pixabay.com

The cost of living in Cairo has soared so much that security guard Mustafa Gamal had to send his wife and year-old daughter to live with his parents in a village 70 miles south of the Egyptian capital to save money.

Gamal, 28, stayed behind, working two jobs, sharing an apartment with other young people and eliminating meat from his diet. “The prices of everything have been doubled,” he said. “There was no alternative.’’

Around the world, people are sharing Gamal’s pain and frustration. An auto parts dealer in Nairobi, a seller of baby clothes in Istanbul and a wine importer in Manchester, England, have the same complaint: A surging U.S. dollar makes their local currencies weaker, contributing to skyrocketing prices for everyday goods and services. This is compounding financial distress at a time when families are already facing food and energy crunches tied to Russia’s invasion of Ukraine.

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