High food price inflation persists domestically, with inflation exceeding the 5% mark observed in 57.1% of low-income nations, 83% of lower-middle-income countries, and 59% of upper-middle-income nations. Furthermore, a substantial portion of high-income nations, specifically 64.3%, face elevated food price inflation.
This inflationary trend significantly affects countries across Africa, North America, Latin America, South Asia, Europe, and Central Asia, rendering it a global concern. Notably, food price inflation surpasses overall inflation in a staggering 77% of the 170 surveyed countries.
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List of Top 10 Countries Where Food Inflation Is High
Food price inflation serves as a vital metric for shaping economic policies. However, during crises, traditional consumer price data sources are often delayed and only available at aggregate levels. This limitation can fail to accurately reflect the price trends in rural and impoverished areas where substantial populations reside in vulnerable circumstances.
1. Venezuela - 318%
2. Lebanon - 239%
3. Argentina - 150%
4. Türkiye - 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 Development Economics Data Group (DECDG). The data compilation involves both direct price measurements and machine learning estimates to fill gaps in the price data.
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Highest Food Inflation Rate in the World
1. Venezuela
In Venezuela, food costs soared by an astounding 318.10% in September 2023 compared to the same month the previous year. The average food inflation in Venezuela from 2009 until 2023 stood at a staggering 12,747.66%, with the highest recorded at 371,545.60% in February 2019 and the lowest at 17.89% in August 2012.
2. Lebanon
Lebanon witnessed a notable 239% surge in food prices in September 2023 compared to the same month in the preceding year. The average food inflation rate in Lebanon from 2009 until 2023 was 74.13%, peaking at 483.15% in January 2022 and bottoming out at -3.30% in October 2009.
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3. Argentina
In Argentina, food prices registered a substantial increase of 150.13% in September 2023 compared to the same month the previous year. The average food inflation in Argentina between 2017 and 2023 was 60.12%, with the highest at 150.13% in September 2023 and the lowest at 19.94% in April 2018.
4. Turkey
Turkey reported a nominal food inflation rate of 76%, which, when adjusted for overall inflation, amounts to a real food inflation rate of 14%. This positions Turkey among the top five nations with the highest food inflation when factoring in overall inflation, alongside Egypt, Lebanon, Rwanda, and Argentina.
5. Egypt
In September 2023, the cost of food in Egypt surged by a substantial 73.60 per cent compared to the same month in the preceding year. Egypt's food inflation has exhibited an average rate of 16.71 per cent from 2010 to 2023, reaching its zenith at 73.60 per cent in September 2023, while registering its nadir at -4.80 per cent in October 2019.
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6. Suriname
The cost of food in Suriname surged by 59.60% in September 2023 compared to the same month in the previous year. Suriname's average food inflation from 2010 until 2023 was 23.61%, with the highest peak recorded at 71.70% in June 2023 and the lowest dip at -1.14% in December 2013.
7. Sierra Leone
Sierra Leone experienced a significant 64.67% increase in food prices in September 2023 compared to the same month the preceding year. The average food inflation rate in Sierra Leone from 2008 until 2023 was 13.97%, with the highest reaching 64.67% in September 2023 and the lowest at 3.60% in November 2019.
8. Ghana
Food prices in Ghana escalated by 49.30% in September 2023 compared to the same month the previous year. The average food inflation in Ghana from 2013 until 2023 was 13.80%, with the highest recorded at 61.00% in January 2023 and the lowest at 5.00% in July 2014.
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9. Haiti
Haiti witnessed a notable 29.30% increase in food prices in September 2023 compared to the same month the previous year. The average food inflation in Haiti from 1999 until 2023 was 15.39%, with the highest peak recorded at 53.10% in October 2022 and the lowest at -0.57% in June 1999.
10. Iran
Iran experienced a 37.70% surge in food prices in September 2023 compared to the same month the previous year. The average food inflation in Iran from 2012 until 2023 was 34.89%, with the highest reaching 87.00% in July 2022 and the lowest at 1.80% in May 2016.
In the wake of Russia's invasion of Ukraine, an escalation in trade-related policies has been witnessed across nations. This surge in trade restrictions has, to some extent, exacerbated the global food crisis, as countries have sought to bolster their domestic supply and curb rising prices. As of October 23, 2023, a total of 19 countries have instituted 27 export bans on food products, while 8 countries have enacted 16 measures aimed at limiting food exports.
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