Domestic food price inflation remains high around the world, the World Bank said in a report on rising food insecurity.
“Information from the latest month between December 2022 and March 2023 for which food price inflation data are available shows high inflation in almost all low- and middle-income countries, with inflation levels greater than 5 percent in 70.6 percent of low-income countries, 90.9 percent of lower-middle-income countries, and 87.0 percent of upper-middle-income countries and many experiencing double-digit inflation,” it said.
In addition, 84.2 percent of high-income countries are experiencing high food price inflation, with the hardest-hit countries in Africa, North America, Latin America, South Asia, Europe, and Central Asia, it added.
After Russia launched its war on Ukraine, trade-related policies imposed by countries have surged, according to the World Bank.
The global food crisis was made worse by the growing number of food trade restrictions put in place by various countries, as 23 countries implemented 29 food export bans, and 10 implemented 14 export-limiting measures, as of March 13, it added.
The financial institution also said production in low- and middle-income countries continued to rebound in 2022, which was a pivotal year for the resumption of private infrastructure investment commitments.
While East Asia, the Pacific, Latin America, the Caribbean and South Asia saw a return to pre-pandemic investment levels, Europe and Central Asia saw lower investment commitments due to the war in Ukraine and the related energy crisis, it added.
CURRENTPH NEWS SERVICE