Turkey's Food Inflation Hits 93% (YoY), Highest Among G20 Members

Disrupted supplies have triggered a sharp increase in global food commodity prices. This has resulted in high food inflation in many countries.

G20 member countries have also been affected by the rise in global food prices. Food inflation in 11 G20 member countries was even above 10% (year on year/yoy).

Turkey is the G20 member country most affected by the rise in global food prices. This country, with its capital in Istanbul, recorded food inflation of 93.05% (yoy) in September 2022. This inflation is the highest compared to other G20 members.

The next highest G20 member with food inflation is Argentina, reaching 70.6% (yoy) in July 2022. This is followed by Germany with food inflation of 15.7% (yoy) in August 2022, Mexico at 14.22%, Russia at 14.2% (yoy) in August 2022, and the United Kingdom at 13.1% (yoy) in August 2022.

Meanwhile, Saudi Arabia is the G20 member country with the lowest food inflation, at only 4% (yoy) in August 2022. This is followed by Japan with food inflation of 4.7% (yoy) in August 2022, and Australia at 5.9% (yoy) in June 2022.

For information, the Russian invasion of Ukraine since February 24, 2022, has driven up global food and energy commodity prices. This is because Russia and Ukraine are exporters of several food commodities in the European region, resulting in disrupted food supplies from those countries.