World Bank: Domestic food costs still high

Worldwide food price inflation, according to the World Bank, is still very high.

The most recent Food Security Update report, which was obtained from the World Bank website by a source for The Tide in Abuja yesterday, confirms this.

The data in the research included the most recent month for which there was data on the inflation of food prices between October 2022 and February 2023.

With inflation levels above 5% in 88.21% of low-income countries, it revealed high inflation in almost all low- and middle-income nations.

“93% of lower-middle-income countries and 89% of upper-middle-income countries have inflation rates that are double digits or higher.”

Also, the survey stated that a significant rate of food price inflation was occurring in 85.7% of high-income countries.

Africa, North America, Latin America, South Asia, Europe, and Central Asia are the regions most severely impacted.

It stated that a recent report from the Food and Agricultural Organization of the United Nations (FAO) showed that in February 2023, the benchmark index of world food commodity prices fell for the eleventh straight month.

“The FAO Food Price Index averaged 129.8 points in February, slightly down from January 2023 and down from its peak in March 2022 by 18.7%.”

A third joint statement from the chiefs of the FAO, IMF, World Bank Group, World Food Programme, and World Trade Organization was released on February 8 according to our correspondent. The purpose of the statement was to call attention to the need to stop the food and nutrition security crisis from getting worse while still taking further immediate action to alleviate hunger hotspots.

Also, a plea was made to promote trade, enhance market efficiency, and strengthen the position of the private sector.

Also, it was a plea for effective reform and repurposing of detrimental subsidies.

The executives advised nations to respond to the problem by balancing short-term urgent actions with longer-term resilience activities.

(c) The Tide

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