• Monday, April 15, 2024
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These are countries hardest hit by food inflation

These are countries hardest hit by food inflation

As countries of the world grapple with the painful surge in food prices, Argentines are in for a longer period of hunger as the South American country ranks first among countries hit hardest by food inflation.

Historically, high commodity prices, Russia’s war in Ukraine, and volatile fertilizer markets among others, have left many countries facing a cost-of-living crisis with double and even triple-digit food inflation, according to the World Bank.

The latest World Bank’s Food Security Update shows that Argentina, Egypt, Lebanon, Zimbabwe, Vietnam, the State of Palestine, Malawi, Belize, Turkiye and Haiti are the top 10 countries faced with severe food crises.

Argentina has seen extreme real percent year-on-year food price inflation reaching 40 percent, the hardest-hit of any nation, while in Egypt the figure is 27 percent, falling to 15 percent in Lebanon.

Fourth-highest Zimbabwe recorded 12 percent food inflation, compared to tenth-highest Haiti with year-on-year price increases of 7 percent.

According to the World Bank, beyond the dynamics of the Russia-Ukraine invasion, weakening currency, increased energy costs and changes in climatic conditions have exacerbated the prices of food around the globe.

“Food price increases are having devastating effects on the poorest and most vulnerable,” said David Malpass, former president, World Bank Group.

“Countries should make concerted efforts to increase the supply of energy and fertilizer, help farmers increase plantings and crop yields, and remove policies that block exports and imports, divert food to biofuel, or encourage unnecessary storage,” he said.