Global South countries most affected by food inflation in 2023 - Report
A World Bank Food Security Update for the year 2023 has revealed worrying trends in food security and inflation in some countries around the globe.
According to the World Bank Food Security Update, sourced from the International Monetary Fund, Haver Analytics and Trading Economics, domestic food price inflation remains high, particularly in Africa, North America, Latin America, South Asia, Europe and Central Asia.
Per the data collated between July and October 2023, four African countries Egypt, Sierra Leone, Ghana and Malawi are leading the list in terms of nominal food inflation.
Egypt, Rwanda, Ghana, Sierra Leone and Malawi recorded high figures in terms of Real food inflation.
A year-on-year change in the food component of the Consumer Price Index (CPI), remains alarmingly high.
Other countries including Lebanon, Venezuela, and Argentina also recorded high inflation figures.
The World Bank further pegs inflation at a 5% rate higher in 52.4% of low-income countries, 88.6% of lower-middle-income countries, and 61% of upper-middle-income countries with an increase in double-digit inflation.
In addition, 67.3% of high-income countries are experiencing high food price inflation. The most affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia. In real terms, food price inflation exceeded overall inflation by 76% in 166 countries.
