This is the G20 country with the highest food inflation in October 2022.

Economics & Macro

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Viva Budy Kusnandar 15/11/2022 12:30 WIB

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Turkey's food inflation reached 99.05% (year-on-year) in October 2022, the highest among G20 members.

Annual G20 Food Inflation (October 2022)

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This is the G20 country with the highest food inflation in October 2022.

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Annual G20 Food Inflation (October 2022)

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Amidst disrupted food commodity supplies due to the Russian invasion of Ukraine, food prices in Turkey have surged approximately twofold in the past year.

According to Trading Economics data, Turkey's year-on-year (YoY) food inflation reached 99.05% in October 2022. This is the highest among G20 members.

The next highest food inflation among G20 members was recorded in Argentina, reaching 86.6% (YoY) in September 2022. This was followed by Germany with 17.7% (YoY), the European Union with 15.4% (YoY), Mexico with 14.54% (YoY), and the United Kingdom with 14.5% (YoY).

Of all G20 members, 13 experienced food inflation above 10% (YoY) in October 2022. Food inflation in the other 7 G20 countries was below 10% (YoY).

Japan and Saudi Arabia had the lowest food inflation among G20 members, at 4.2% (YoY) and 4.3% (YoY) respectively in September 2022. Indonesia recorded 6.76% (YoY) and China 7% (YoY) in October 2022.

The Russian invasion of Ukraine has triggered a rise in food commodity prices in many countries. Ukraine is a major exporter of wheat and other food commodities to Europe. When supplies from Ukraine were disrupted, food prices in the region skyrocketed.

Furthermore, the strengthening US dollar has made the cost of importing food more expensive in many countries.

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."