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The World Bank’s latest report on food security has disclosed that Zimbabwe recorded the highest food inflation globally. The report listed 10 countries across the globe with the highest food price rise with Zimbabwe topping the list.
The World Bank’s latest report on food security has disclosed that Zimbabwe recorded the highest food inflation globally. The report listed 10 countries across the globe with the highest food price rise with Zimbabwe topping the list. Food prices spiraled in almost all low- and middle-income countries.
This is despite the drop in year-on-year nominal food inflation and real food inflation in Zimbabwe. These figures declined from 321 % to 264% and from 52 % to 41 % respectively.
Globally, domestic food price inflation has continued to soar. Statistics available for the period between October 2022 and February 2023 indicated that almost all low- and middle-income countries recorded high inflation. Several of them experienced double-digit inflation.
The report pointed out that though global food prices have slightly slowed down, they remain high due to global inflation and export restrictions imposed as a result of the Ukraine war. According to estimates almost 11% of the global food trade was affected by the restrictions in 2022. The war impacted more than one-third of the global trade in wheat, 17% of the maize trade, and almost 75% of the world sunflower trade.
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The one-year export restrictions due to the war have lapsed, but continue to be imposed including quotas, licenses, and outright bans, contrary to World Trade Organization regulations.
