Following a decrease in inflation beginning in 2003, inflation spiked in 2008 as a result of worldwide food and energy crises, reaching 17.5% before declining to 7.4% in 2009. Liberia's external debt was estimated in 2006 at approximately $4.5 billion, 800% of GDP. As a result of bilateral, multilateral and commercial debt relief from 2007 to 2010, the country's external debt fell to $222.9 million by 2011.