Countries with the Highest Food Inflation Rates in the World in May 2023

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Erlina Fury Santika 17/07/2023 15:29 WIB

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The World Bank released a list of countries experiencing the world's highest food price inflation in May 2023. Venezuela topped the list.

Countries with the Highest Year-on-Year (YoY) Nominal Inflation/Food Price Proportions in the World (February-May 2023)

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Countries with the Highest Food Inflation Rates in the World in May 2023

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Countries with the Highest Year-on-Year (YoY) Nominal Inflation/Food Price Proportions in the World (February-May 2023)

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The World Bank reports that food price inflation remains high in several countries. This inflation is measured based on the year-on-year (yoy) change in the food price component of each country's Consumer Price Index (CPI).

Data compiled by the World Bank from February to May 2023 shows high inflation in many low- and middle-income countries. Inflation varies, ranging from single to double-digit percentages.

"The most affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia," the World Bank wrote in its Food Security Update report.

The World Bank compiled a list of 10 countries with the highest food price inflation from February to May 2023.

Venezuela topped the list, with food price inflation soaring by 450% year-on-year (yoy). Lebanon followed in second place, with inflation at 304% (yoy).

Argentina was third, with food price inflation at 118% (yoy). Close behind in fourth place was Zimbabwe, at 117% (yoy).

Iran was fifth with inflation at 78% (yoy), followed by Suriname in sixth place at 71% (yoy).

Laos, representing ASEAN, was eighth on the list, with food price inflation at 53% (yoy). The remaining countries are shown in the accompanying graph.

Note that the inflation data compiled by the World Bank is based on the food component of the CPI and overall CPI available from each country.

Editor : Erlina Fury Santika

"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."

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Countries with the Highest Food Inflation Rates in the World in May 2023

Countries with the Highest Food Inflation Rates in the World in May 2023

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