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According to the latest Food Security Update report from the World Bank, food prices are expected to remain high throughout 2024, following a trend of elevated inflation levels in low, middle, and high-income countries observed in 2023.
The report highlights that in 2023, inflation levels exceeded 5% in 63.2% of low-income countries, marking a 1.3 percentage point increase from the previous update issued on January 17, 2023. Similarly, inflation rates surpassed 5% in 73.9% of lower-middle-income countries and 48% of upper-middle-income countries, with no notable change from the previous update.
In high-income countries, food inflation rates were also substantial, surpassing 5% in 44.4% of these nations. However, this figure represented a slight decrease of 1.9 percentage points from the last update. Moreover, the report indicates that in real terms, food price inflation outpaced overall inflation in 71% of the 165 countries where data was available.
The World Bank’s Global Economics Prospects 2024 report underscores the urgent challenge of food insecurity amid various global challenges. In response, the World Bank Agriculture and Food Global Practice highlighted the imperative need for circular food systems to address environmental concerns and enhance sustainability.
The findings of the World Bank report emphasize the ongoing severity of food price inflation worldwide, posing significant challenges for individuals, households, and economies. Efforts to address these issues will require comprehensive strategies that prioritize sustainability, resilience, and equitable access to food resources.
