Food Inflation More Prevalent in Lower-Middle-Income Countries

Erlina Fury Santika 23/03/2024 07:00 WIB

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World Bank data shows that the highest food prices are found in lower-middle-income countries, with a proportion reaching 71.7%.

Proportion of Countries Experiencing the Highest Food Inflation (February 21, 2024)

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Food Inflation More Prevalent in Lower-Middle-Income Countries

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Proportion of Countries Experiencing the Highest Food Inflation (February 21, 2024)

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The World Bank reports that nearly all low- and middle-income countries are currently experiencing high food prices.

The highest proportion is among lower-middle-income countries, at 71.7% of the total number of countries in that group.

Second are low-income countries, at 57.9%, followed by upper-middle-income countries at 48%.

The World Bank notes that even high-income countries cannot avoid rising food prices, with a proportion reaching 45.5%.

The World Bank also compiled the top 10 countries with the highest food inflation as of February 21, 2024. The composition is not significantly different from the findings of February 5, 2024. The details are as follows:

* Argentina 40% (year-on-year/yoy)
* Zimbabwe 26% (yoy)
* Egypt 18% (yoy)
* Lebanon 15% (yoy)
* Vietnam 11% (yoy)
* Palestine 9% (yoy)
* Malawi 9% (yoy)
* Haiti 7% (yoy)
* Papua New Guinea 7% (yoy)
* Greece 7% (yoy)

World Bank analysis also found that corn prices are 12% higher than in January 2020. Over the same period, wheat prices are 6% higher and rice prices are 51% higher.

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."