The worrying escalation of the cost of food in Nigeria is not peculiar to the country. That is stated in the latest report by the World Bank in its Food Security Update. Other countries most hit by food inflation include countries in Africa, North America and Latin America. According to the report, aside from the high food prices at the domestic front, investigation shows that inflation of over five percent was recorded in countries with low income earnings. And that is said to have been noticed in about 61% of such countries.
Of particular concern to the World Bank is that between the last report and the recent one agriculture, cereal, and export price indices show a difference of two percent, six percent and one percent respectively. On the other hand, maize and wheat prices are eight percent and fourteen percent higher.
It further stated that despite a slowing global economy, demand for agricultural products was anticipated to reach record levels in the 2023/24 marketing season.
“Domestic food price inflation remains high. Inflation higher than five percent is experienced in 61.9 percent of low-income countries, 76.1 percent of lower-middle-income countries, 50 percent of upper-middle-income countries, and 57.4 percent of high-income countries.
“The most affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia. In real terms, food price inflation exceeded overall inflation in 74 percent of the 167 countries where data is available,” the report partly read. And identifying the problem associated with the food crisis, the report noted that conflicts in areas producing food items have been a major problem.
Following Russia’s invasion of Ukraine, the report said, trade-related policies imposed by countries had surged.
