NextGen Day

According to a report on rising food insecurity released by the World Bank on Monday, domestic food price inflation is still high around the globe.

“Information from the latest month between December 2022 and March 2023 for which data on food price inflation are available shows high inflation in almost all low- and middle-income countries, with inflation levels greater than 5 percent in 70.6 percent of low-income countries, 90.9 percent of lower-middle-income countries, and 87.0 percent of upper-middle-income countries, with many experiencing double-digit inflation,” it said.

A further 84.2% of high-income nations also suffer substantial food price inflation, with Africa, North America, Latin America, South Asia, Europe, and Central Asia being the worst-affected regions.

According to the World Bank, trade-related measures imposed by nations have increased since Russia started its assault on Ukraine.

According to the report, as of March 13, 23 countries had enforced 29 food export bans, and 10 had implemented 14 export-limiting measures, further exacerbating the global food crisis.

The financial institution also said that 2022, a crucial year for the restart of private infrastructure investment commitments, saw a continuation of the recovery in output in low- and middle-income nations.

While pre-pandemic investment levels were returned to East Asia, the Pacific, Latin America, the Caribbean, and South Asia, investments in Europe and Central Asia declined due to the conflict in Ukraine and the ensuing energy crisis, it noted.

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