Ghana has been listed among the top 10 countries globally experiencing the highest food inflation rates.
As indicated in the Food Security Report published by the World Bank, Ghana’s Nominal Food Inflation (year-on-year) of 54% positioned the country in the 8th rank.
However, its Real Food Inflation (year-on-year) of 12% positioned it at the 9th spot.
In the Nominal Food Inflation category, Venezuela claimed the first position with a year-on-year inflation rate of 414%. Following suit were Lebanon (280%), Zimbabwe (256%), Argentina (117%), Suriname (71%), Egypt (66%), and Sierra Leone (58%), in the 2nd to 7th rankings, respectively.
Regarding Real Food Inflation, Zimbabwe (80%), Egypt (30%), Lebanon (26%), Turkey (16%), Rwanda (15%), Burundi (14%), Lao (14%), and Sierra Leone (13%) captured the 1st to 8th positions respectively, representing the countries with the most pronounced food inflation rates.
According to the report, its latest data covering the period from February 2023 to May 2023, which includes food price inflation figures, reveals a notable surge in inflation across numerous low- and middle-income nations.
In fact, inflation rates surpassing 5% were observed in 63.2% of low-income countries, 79.5% of lower-middle-income countries, and 67.0% of upper-middle-income countries. Many of these countries are also grappling with double-digit inflation rates.
Furthermore, the report highlights that a substantial 78.9% of high-income countries are currently contending with elevated food price inflation. The regions most heavily affected by this trend span Africa, North America, Latin America, South Asia, Europe, and Central Asia.
From a genuine economic perspective, the inflation rates for food prices have outpaced the overall inflation rates (measured by the year-on-year change in the Consumer Price Index) in a significant 80.1% of the 166 countries where both food CPI and overall CPI indices are available.
Maize, wheat prices go up but rice price remains stable
The report also revealed an increase in maize and wheat prices, which closed 12% and 14% higher, respectively, after declining in the first half of July 2023. It consequently drove the increase in the cereal price index, whereas rice prices have remained stable.
On a year-on-year basis, maize and wheat prices are 15% and 17% lower, while rice prices are 16% higher. Maize, wheat, and rice prices are 8%, 11% and 3% higher, respectively, than in January 2021
The 2023 State of Food Insecurity and Nutrition in the World report highlights the state of global hunger and food insecurity and the challenges and opportunities that urbanization presents in the context of agrifood systems.
The report expressed concern about Russia’s withdrawal from the Black Sea Grain Initiative (BSGI) in global markets.
Wheat and maize prices rise, but rice prices stay the same
The report also unveiled a rise in the prices of maize and wheat, which rebounded by 12% and 14%, respectively, following a decline in the first half of July 2023. This upswing played a pivotal role in driving an increase in the cereal price index, whereas rice prices have maintained their stability.
In a year-on-year comparison, prices for maize and wheat have seen a decrease of 15% and 17% respectively, while rice prices have risen by 16%. Notably, current prices for maize, wheat, and rice are elevated by 8%, 11%, and 3% respectively compared to their levels in January 2021.
The 2023 State of Food Insecurity and Nutrition in the World report offers insights into the global landscape of hunger and food insecurity, shedding light on the challenges and opportunities that come with urbanization in the context of agrifood systems.
Of particular concern highlighted in the report is Russia’s withdrawal from the Black Sea Grain Initiative (BSGI) within the global markets.