World Bank – Food Security, Sep 2023

The World Bank has released a dashboard showing the high levels of domestic food price inflation in many countries. The inflation, measured as the year-on-year change in the food component of the Consumer Price Index, is particularly high in low- and middle-income countries. In fact, over 5% inflation is observed in 52.6% of low-income countries, 86.0% of lower-middle-income countries, and 64.0% of upper-middle-income countries. Many of these countries are experiencing double-digit inflation. Even high-income countries are not immune, as 73.2% of them are also facing high food price inflation. The most affected regions include Africa, North America, Latin America, South Asia, Europe, and Central Asia. Furthermore, in 81.0% of the 162 countries analyzed, food price inflation is outpacing overall inflation. This indicates that food prices are rising at a faster rate than the prices of other goods and services. The World Bank has also listed the ten countries with the highest food price inflation, both in nominal and real terms, in table 1. Overall, the data reveals the significant challenges that many countries continue to face in terms of ensuring food security and combating rising food prices.