Ghana has secured a position among the top 10 countries globally grappling with the most significant food inflation.
As outlined in a Food Security Report published by the World Bank, Ghana’s Nominal Food Inflation (year-on-year) of 54% has placed the nation at the 8th rank in this distressing scenario.
Conversely, its Real Food Inflation (year-on-year) of 12% has positioned it at the 9th spot.
Leading the Nominal Food Inflation category is Venezuela, with a staggering year-on-year inflation rate of 414%. Following suit are Lebanon (280%), Zimbabwe (256%), Argentina (117%), Suriname (71%), Egypt (66%), and Sierra Leone (58%), in the 2nd, 3rd, 4th, 5th, 6th, and 7th places, respectively.
Regarding Real Food Inflation, the top positions are seized by Zimbabwe (80%), Egypt (30%), Lebanon (26%), Turkey (16%), Rwanda (15%), Burundi (14%), Lao (14%), and Sierra Leone (13%), holding the 1st, 2nd, 3rd, 4th, 5th, 6th, 7th, and 8th positions respectively for the highest food inflation rates.
The recent report covers data from February 2023 to May 2023, reflecting the prevailing situation regarding food price inflation. The findings reveal a notable surge in inflation rates across various low- and middle-income nations.
In particular, a substantial 63.2% of low-income countries, 79.5% of lower-middle-income countries, and 67.0% of upper-middle-income countries are grappling with inflation rates exceeding 5%, with many facing double-digit inflation figures.
Remarkably, even among high-income nations, a significant 78.9% are contending with elevated levels of food price inflation. This global trend is particularly pronounced in diverse regions including Africa, North America, Latin America, South Asia, Europe, and Central Asia.
Furthermore, in terms of real value adjustments, food price inflation has outpaced the broader inflation rate (measured by the year-on-year alteration in the Consumer Price Index) in a substantial 80.1% of the 166 countries covered in the report, where both food CPI and overall CPI indexes are available.
The report also disclosed an uptick in maize and wheat prices, concluding at 12% and 14% higher, respectively, following their decline in the initial half of July 2023. This shift played a pivotal role in driving up the cereal price index, while rice prices, in contrast, have maintained their stability.
When considering a year-on-year comparison, maize and wheat prices have witnessed a decrease of 15% and 17% respectively, whereas rice prices have exhibited a 16% increase. Moreover, in comparison to January 2021, maize, wheat, and rice prices have escalated by 8%, 11%, and 3% respectively.
The 2023 State of Food Insecurity and Nutrition in the World report spotlights the global landscape of hunger and food insecurity, while also addressing the challenges and prospects associated with urbanization within agrifood systems.
The report has voiced concern over Russia’s withdrawal from the Black Sea Grain Initiative (BSGI) within the global markets.