High food price inflation is still present in the domestic market, with inflation exceeding the 5% mark recorded in 57.1% of low-income countries, 83% of lower-middle-income countries and 59% of upper-middle-income countries. Furthermore, a significant part of high-income countries, 64.3% to be exact, faces high food price inflation.
This inflationary trend significantly affects countries across Africa, North America, Latin America, South Asia, Europe and Central Asia, making it a global problem. In fact, food price inflation exceeds overall inflation in an incredible 77% of the 170 countries surveyed.
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List of the top 10 countries with high food inflation
Food price inflation serves as a key metric for shaping economic policy. However, during crises, traditional sources of consumer price data often lag and are only available at aggregated levels. This limit may not accurately reflect price trends in rural and poor areas where significant populations live in vulnerable circumstances.
1. Venezuela – 318%
2. Lebanon – 239%
3. Argentina – 150%
4. Turkey – 76%
5. Egypt – 53.92%
6. Suriname – 71%
7. Sierra Leone – 64%
8. Ghana – 49%
9. Haiti – 38%
10. Iran – 37%
The compiled list is based on multiple online reports and is updated weekly by the World Bank’s Development Economic Data Group (DECDG). Data compilation includes direct price measurements and machine learning estimates to fill in gaps in price data.
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The highest rate of food inflation in the world
1. Venezuela
In Venezuela, food costs increased by a whopping 318.10% in September 2023 compared to the same month of the previous year. Average food inflation in Venezuela from 2009 to 2023 was a whopping 12,747.66%, with the highest recorded rate of 371,545.60% in Feb 2019 and the lowest rate of 17.89% in Aug 2012.
2. Lebanon
Lebanon witnessed a significant increase in food prices of 239% in September 2023 compared to the same month of the previous year. The average food inflation rate in Lebanon from 2009 to 2023 was 74.13%, reaching a peak of 483.15% in January 2022 and a low of -3.30% in October 2009.
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3. Argentina
In Argentina, food prices recorded a significant increase of 150.13% in September 2023 compared to the same month of the previous year. Average food inflation in Argentina between 2017 and 2023 was 60.12%, with a high of 150.13% in September 2023 and a low of 19.94% in April 2018.
4. Turkey
Turkey reported a nominal food inflation rate of 76%, which, when adjusted for headline inflation, amounts to a real food inflation rate of 14%. This places Turkey among the top five countries with the highest food inflation when total inflation is included, along with Egypt, Lebanon, Rwanda and Argentina.
5. Egypt
In September 2023, the price of food in Egypt increased by a significant 73.60 percent compared to the same month of the previous year. Food inflation in Egypt showed an average rate of 16.71 percent from 2010 to 2023, peaking at 73.60 percent in September 2023, while it hit a low of -4.80 percent in October 2019.
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6. Suriname
The price of food in Suriname increased by 59.60% in September 2023 compared to the same month of the previous year. Suriname’s average food inflation rate from 2010 to 2023 was 23.61%, with an all-time high of 71.70% in June 2023 and a trough of -1.14% in December 2013.
7. Sierra Leone
Sierra Leone experienced a significant increase in food prices of 64.67% in September 2023 compared to the same month of the previous year. The average food inflation rate in Sierra Leone from 2008 to 2023 was 13.97%, with the highest reaching 64.67% in September 2023 and the lowest of 3.60% in November 2019.
8. Ghana
Food prices in Ghana increased by 49.30% in September 2023 compared to the same month of the previous year. The average food inflation in Ghana from 2013 to 2023 was 13.80%, with the highest recorded rate of 61.00% in January 2023 and the lowest rate of 5.00% in July 2014.
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9. Haiti
Haiti witnessed a significant increase in food prices of 29.30% in September 2023 compared to the same month of the previous year. The average food inflation in Haiti from 1999 to 2023 was 15.39%, with the highest peak recorded at 53.10% in October 2022, and the lowest recorded at -0.57% in June 1999.
10. Iran
Iran experienced a 37.70% increase in food prices in September 2023 compared to the same month of the previous year. Average food inflation in Iran from 2012 to 2023 was 34.89%, with the highest reaching 87.00% in Jul 2022 and the lowest of 1.80% in May 2016.
After the Russian invasion of Ukraine, the escalation of trade policies was noted in all countries. This increase in trade restrictions somewhat exacerbated the global food crisis as countries sought to increase their domestic supply and contain rising prices. As of October 23, 2023, a total of 19 countries have introduced 27 bans on the export of food products, while 8 countries have adopted 16 measures aimed at restricting food exports.
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Categories: Optical Illusion
Source: newstars.edu.vn