A World Bank latest Food Security Update report shows that food prices will remain high in 2024, indicating that inflation in low, middle, and high-income countries were high in 2023. According to the report, the inflation level in 63.2% of low-income countries was greater than 5% in 63.2% of low-income countries in 2023.
This was 1.3 percentage points higher than in the last food update on January 17, 2023.
It revealed that the inflation level was greater than 5% in 73.9% of lower-middle-income countries and 48% of upper-middle-income countries in 2023, recording no percentage change from the last update.
The World Bank added that in high-income countries, the food inflation level was also higher than 5% in 44.4% of countries, which was 1.9 percentage points lower than in the last food update. Furthermore, in real terms, food price inflation exceeded overall inflation in 71% of the 165 countries where data was available.
Additionally, the World Bank’s Global Economics Prospects 2024 report emphasised the critical problem of food insecurity within the context of various challenges. The report continued that a blog post from the World Bank Agriculture and Food Global Practice discussed the urgent need for circular food systems to address environmental challenges.
Source: myjoyonline
