Top 10 Countries with the Highest Food Inflation in the Americas

Many countries are currently experiencing high inflation due to rising food and energy commodity prices.

Inflation rates are also influenced by the strengthening US dollar, weakening other countries' currencies, and making the price of imported goods, including food imports, increasingly expensive.

In the Americas, Venezuela has the highest food inflation. According to Trading Economics data, food inflation in the country reached 131% in July 2022 (year-on-year/yoy). This means that food prices there have more than doubled in the last year.

High inflation in the country led by President Nicholas Maduro is also influenced by political instability and prolonged unrest.

Meanwhile, food inflation in Argentina reached 79.8% (yoy) in August 2022, fueled by the impact of the Covid-19 pandemic and the Russian invasion of Ukraine.

Overall, Argentina's inflation reached 78.5% (yoy) until August 2022 and is predicted to reach 100% (yoy) by the end of the year. The country has requested assistance from the International Monetary Fund (IMF) to address the crisis.

Other countries in the Americas that recorded the highest food inflation are Haiti at 32.7% (yoy), followed by Suriname at 32.6% (yoy), Colombia at 26.6% (yoy), and Chile at 21.93% (yoy).

This is followed by Costa Rica with 20.72% (yoy) food inflation, Nicaragua at 18.9% (yoy), Barbados at 17.4% (yoy), and Honduras at 16.2% (yoy).

Food inflation is not only experienced by developing countries in Latin America and South America. The United States (US) also experienced similar pressure, with food inflation reaching 11.2% (yoy) in September 2022, the highest level in approximately four decades.

Indonesia's food inflation is relatively low compared to the countries above, at 8.41% (yoy) in September 2022. Meanwhile, national inflation for the food, beverage, and tobacco group was 7.91% (yoy).