In its latest Food Security Update report, the World Bank highlights ongoing high inflation in food prices globally. The report, released on Tuesday, underscores significant inflation rates across low, middle, and high-income countries. Notably, over 63.2% of low-income nations experience inflation rates exceeding five percent, marking a 1.3 percentage point increase from the last update.
Similarly, inflation rates surpassing five percent are observed in 73.9% of lower-middle-income countries and 48% of upper-middle-income countries. Even in high-income nations, over 44.4% report food inflation exceeding five percent, though this is slightly down from the previous update. Moreover, in 71% of surveyed countries, food price inflation outpaces overall inflation.
The report attributes these trends partly to recent attacks on ships in the Red Sea, which have led to a 40% decrease in trade volumes in the Suez Canal, impacting global food security. Despite a nine percent decline in food prices in 2023 due to sufficient supplies, potential risks such as energy cost increases and adverse weather events may influence future prices.
To address environmental challenges, the World Bank Agriculture and Food Global Practice advocates for circular food systems, emphasizing sustainable, low-emission practices. Meanwhile, the World Bank Group has committed $45 billion to enhance food and nutrition security, benefiting 335 million people across 90 countries. Initiatives like the West Africa Food Systems Resilience Programme aim to bolster preparedness against food insecurity in the region. Additional commitments for Senegal, Sierra Leone, and Togo are also underway.
Credit: News Agency of Nigeria (NAN)
