Lebanon recorded the highest nominal inflation rate in the food price index globally, reaching 350% within one year (from April 2022 to April 2023), according to updated food security figures released by the World Bank on June 1st. These figures provide an overview of the annual percentage changes in the food price index across several countries worldwide.
The detailed report from the Lebanese credit bank's weekly economic report highlighted that food price inflation remains high globally across all income categories. It noted that 70.6% of low-income countries, 81.4% of lower-middle-income countries, and 84.0% of upper-middle-income countries experienced overall inflation rates exceeding 5%, with some surpassing 10%. Furthermore, it indicated that 80.4% of high-income countries are suffering from high inflation rates and elevated food price inflation rates.
The report pointed out that countries with the highest food price inflation rates are located in Africa, North America, Latin America, South Asia, Europe, and Central Asia. It emphasized that the real inflation rate in food prices (which is the nominal food price inflation rate minus the overall inflation rate) exceeded the overall real inflation rate in 84.5% of the 161 countries included in the report.
Lebanon recorded the highest nominal food price inflation rate worldwide during the period from April 2022 to April 2023 (with a 350% annual change in the food price inflation index), followed by Argentina (115%) and Zimbabwe (102%), to name a few. In terms of real inflation, the annual change in food prices in Lebanon was reported at 81% during the same period, followed by Venezuela (35%), Zimbabwe (27%), and Rwanda (26%).
It is worth noting that the inflation rates are based on the latest figures between January 2023 and April 2023 for countries that updated their food price inflation figures and overall inflation rates.
