Nigeria has emerged sixth in the global food inflation rates compiled by the World of Statistics.
The average annual rate of food inflation for the twelve months ending July 2023 over the previous twelve-month average was 24.46 per cent, indicating an increase of 5.71 per cent points from 18.75 per cent recorded in July 2022.
Food inflation rates have emerged as a pressing concern globally, with figures reflecting significant economic challenges faced by countries from different regions.
The alarming rates demonstrate the impact of various factors on the affordability of essential goods, particularly food, and underscore the worldwide economic disparities.
Countries from South America to Asia have reported substantial increases in the cost of living, particularly in food prices.
The figures reveal a stark contrast in economic stability and highlight the difficulties millions face in accessing basic necessities.
The top five most severe food inflation rates are:
1. Venezuela (403%): Venezuela has experienced hyperinflation and economic instability for years, leading to severe food shortages and a humanitarian crisis.
2. Lebanon (278%): Lebanon’s ongoing economic turmoil, political instability, and currency crisis have skyrocketed food prices.
3. Argentina (133%): Argentina’s economy has faced fluctuations and inflation, impacting food affordability for its citizens.
4. Turkey (72.86%): Turkey’s economic challenges and currency depreciation have increased food prices.
5. Egypt (71.4%): Egypt, like many countries in the region, has grappled with inflation, affecting the cost of food for its population.
Experts say that Nigeria is a mix of economic challenges and food security issues the country is addressing.
Factors including currency devaluation, supply chain disruptions, economic policies, and global market conditions, can influence the rates.
High food inflation can profoundly affect people’s daily lives, exacerbating economic hardship and potentially leading to social unrest.
Conversely, negative food inflation rates in some countries on the list may indicate deflation and other economic difficulties.