Domestic food price inflation remains high in low- and middle-income countries. Inflation higher than 5% is experienced in in 59.1% of low-income countries (2.0 percentage points higher since the last update on April 25, 2024), 63% of lower-middle-income countries (0.8 percentage points lower), 31% of upper-middle-income countries (2.0 percentage points lower), and 14.5% of high-income countries (1.8 percentage points higher). In real terms, food price inflation exceeded overall inflation in 53% of the 166 countries where data is available.
Since the last update on April 25, 2024, the agriculture and cereal price indices closed 1%and 6% higher respectively, while the export price index closed 4% lower. Among cereals, maize and wheat prices closed 4% and 21% higher, respectively, while rice prices closed 1% lower. On a year-on-year basis, maize prices are 21 percent lower, wheat prices are 7 percent higher and rice prices on the other hand are 20 percent higher. Compared to January 2020, maize prices are 19 percent higher, wheat prices are 24 percent higher, and rice prices are 46 percent higher. (See “pink sheet” data for agricultural commodity and food commodity prices indices, updated monthly.)
The World Bank's latest Commodity Markets Outlook, published late April 2024, sheds light on significant developments and future projections in global food commodity markets. In early April, the food price index moderated after a 4% decline in the first quarter of 2024, to a level 9% lower than a year earlier. Grains, oils, meals, and other food sub-components exhibited declines ranging from 2% to 5%. Maize prices fell by approximately 11%, and wheat prices decreased 4%, reaching three-year lows. These reductions were attributed to competitive pricing from the Black Sea region, increases in production by major exporters, and optimistic outlooks for the upcoming harvest, with global maize production expected to reach record highs. Rice prices rose by around 4% over the same period, standing 28% higher year-on-year because of supply concerns in major exporting nations.
10 countries with the highest food price inflation in the latest #FoodSecurity Update. ⬇️
http://wrld.bg/lvX050Sc0BR
Senior Interdisciplinary Scientist
3moI don’t believe it’s 10.9% for the US. An average or some other data point? The grocery, and food prices are way up to 3 to 10x (TIMES) more.