The World Bank in its latest release has listed five African countries among the ten countries with the worst food inflation rate in the world.
The report, released on the official website of the global financial institution, ranked Lebanon as the country with the highest food inflation rate in the world.
The report ranked Egpyt, Sierra Leone, Turkiye, Rwanda, Ghana, Guinea, Pakistan, Suriname and Malawai as other countries on the list of ten nations with the highest inflation rate.
Top 10 Countries Hit Hardest By Food Inflation (Real % year on year)
1. Egypt: 36%
2. Lebanon: 31%
3. Rwanda: 15%
4. Argentina: 12%
5. Ghana: 12%
6. Türkiye: 11%
7. Sierra Leone: 10%
8. Belgium: 9%
9. Malawi: 9%
10. Suriname: 9%
World Bank says it concluded after reviewing the nation’s Consumer Price Index (CPI) between May and August 2023.
According to the report, food inflation was rife in Africa, North America, Latin America, South Asia, Europe, and Central Asia.
“Information from the latest month between May and August 2023 for which food price inflation data are available shows high inflation in many low- and middleincome countries, with inflation higher than 5 percent in 52.6 percent of low-income countries, 86.4 percent of lower-middle-income countries, and 64.0 percent of upper-middle-income countries with many experiencing double-digit inflation. In addition, 69.6 percent 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,” the report read.
In other developments, “the latest Hunger Hotspots report by FAO and WFP identifies 18 hotspots (including 22 countries and territories) that will require urgent action between November 2023 and April 2024. Burkina Faso, Mali, Palestine, South Sudan, and Sudan are hunger hotspots of the highest concern, with significant numbers of people at risk of Famine (Integrated Food Security Phase Classification/Cadre Harmonisé (IPC/CH) Phase 5) or Emergency food insecurity (IPC/CH Phase 4) that is likely to worsen in the coming months”.
These countries were also highlighted as being of most concern in the previous update in May 2023, with the exception of Palestine, which was added because of the severe escalation of conflict there this past month. Conflict, climate, and the economy are the primary drivers of food insecurity.
