Ghana has been included in the list of the ten countries worldwide with the highest food inflation rates, according to a Food Security Report published by the World Bank.
The report ranks Ghana 8th in terms of Nominal Food Inflation (year-on-year) at 54% and 9th in Real Food Inflation (year-on-year) at 12%.
Venezuela, Lebanon, Zimbabwe, Argentina, Suriname, Egypt, and Sierra Leone lead the list in the Nominal Food Inflation category, while Zimbabwe, Egypt, Lebanon, Turkey, Rwanda, Burundi, Lao, and Sierra Leone hold the top positions for Real Food Inflation.
The report indicates that between February 2023 and May 2023, many low- and middle-income countries are facing high food price inflation, with a majority experiencing inflation rates exceeding 5%.
The prices of maize and wheat have increased, contributing to the rise in the cereal price index, while rice prices have remained stable. Maize and wheat prices are lower on a year-on-year basis, whereas rice prices have increased.
The 2023 State of Food Insecurity and Nutrition in the World report discusses global hunger and food insecurity, focusing on challenges and opportunities in agrifood systems within the context of urbanization.
The report also highlights Russia's withdrawal from the Black Sea Grain Initiative (BSGI) in global markets.
