Food price hikes are far exceeding overall inflation, with low- and middle-income countries getting hit hardest — though prices are high across the globe, the World Bank said Monday in a new food security update that included a list of nations seeing the worst price increases.
Lebanon topped the ranking with 122% food inflation in real terms, compared with the same period last year. This was followed by Zimbabwe with 23%. A wide range of countries defined as middle-income also made the list, such as Sri Lanka, Turkey, and Iran.
The bank said that seven countries face a particular risk of overlapping food and debt crises — including Afghanistan, Mauritania, Somalia, Tajikistan, and Yemen — highlighting how the dual concern is affecting multiple regions.
How bad is it?: About 94% of low-income countries, 89% of lower-middle-income countries, and 89% of upper-middle-income countries have nominal food inflation levels above 5% compared with the previous year.
Eastern and southern Africa will likely see conditions worsen in the coming months. South Sudan and Sudan face the risk of famine, and the Democratic Republic of Congo and Ethiopia are also seeing food security deteriorate.
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So far, East Asian and Pacific countries have been more insulated from the crisis, but elevated energy prices may cause trouble in the second half of the year, increasing concerns over social risks. Potential problems around rice outputs are being closely watched.
What richer nations can do: The bank said aid can be a solution, providing governments in stricken countries with the ability to get cash transfers to the most vulnerable.
“Debt restructuring and debt relief would also be a priority for countries with unsustainable debt burdens,” the latest update said, echoing long-standing concerns.
Export bans: The war in Ukraine has made the food security situation worse — so far, just one ship has left Ukraine’s ports with grain under a United Nations deal — and also led to a surge in trade restrictions. The bank tracked 18 countries that implemented 27 food export bans, while seven imposed export limits.
About the author
Shabtai Gold
Shabtai Gold is a Senior Reporter based in Washington. He covers multilateral development banks, with a focus on the World Bank, along with trends in development finance. Prior to Devex, he worked for the German Press Agency, dpa, for more than a decade, with stints in Africa, Europe, and the Middle East, before relocating to Washington to cover politics and business.
