Nigeria and other African, North American, and Latin American nations have been most affected by the inflation in domestic food prices, according to data from the World Bank.
The international lender’s most current Food Security Update showed that 61.9% of low-income countries saw inflation of more than 5%, even while domestic food price inflation remained high.
It stated that while maize and wheat prices increased by 8% and 14%, respectively, since the last FSU update, the agriculture, cereal, and export price indices closed 2%, 6%, and 1% higher.
It continued by saying that the demand for agricultural products was predicted to reach all-time highs in the 2023–2024 marketing season, even in the face of a faltering global economy.
“The inflation of food prices in the country is still significant. In 61.9 per cent of low-income nations, 76.1 per cent of lower-middle-income countries, 50 per cent of upper-middle-income countries, and 57.4 per cent of high-income countries, inflation exceeds 5%.
“Africa, North America, Latin America, South Asia, Europe, and Central Asia are the most affected. Food price rise outpaced general inflation in 74 per cent of the 167 nations where data is available,” according to the research.
The research claims that after Russia invaded Ukraine, nations imposed more trade-related sanctions.
It continued by saying that the growing number of food trade restrictions put in place by nations in an effort to boost local production and lower costs had contributed to the global food crisis.
According to the National Bureau of Statistics’ most recent Consumer Price Index: November 2023 report, which was published two weeks ago, Nigeria’s food inflation rate increased to 32.84 percent.
Kogi, Kwara, and Rivers had the highest rates of food inflation, at 41.29 percent, 40.72 percent, and 40.22 percent, respectively.
In November 2022, the food inflation rate was 24.13 percent, whereas in November 2022, it was 8.72 percent.
The study found that price increases for bread and cereals, oil and fat, potatoes, yam and other tubers, fish, fruit, meat, vegetables, coffee, tea, and cocoa were the main reasons behind the increase in food prices.
The National Bureau of Statistics reported, “On a month-on-month basis, the food inflation rate in November 2023 was 2.42 per cent this was 0.51 per cent higher compared to the rate recorded in October 2023 (1.91 per cent).”
