Food prices high globally – World Bank

 Inflation in food prices remains high globally, according to the World Bank’s Food Security Update issued on Wednesday.

Between December 2022 and March 2023, available data shows high inflation in almost all low and middle-income countries.

Inflation levels are above 5 percent in 70.6 percent of low-income countries and in 90.9 percent of lower-middle-income nations.

It is above 5 percent in 87 percent of upper-middle-income countries, some of which are experiencing double-digit inflation.

The report also indicated that about 84.2 percent of high-income countries were experiencing high food price escalation.

The Food and Agriculture Organisation (FAO) earlier said the index of international food commodity prices declined for the 12th consecutive month in March 2023.

This month, the World Bank announced plans to provide $30 billion over 15 months, including $12 billion, as part of efforts to tackle the crisis.

The financing will scale up short-term and long-term responses to boost food and nutrition security, reduce risks, and strengthen the systems.

The strategy includes supporting producers, consumers and vulnerable households, increasing trade in food/trade inputs, and investing in sustainable security.

“The $766 million West Africa Food Systems Resilience Programme is working to increase preparedness against food insecurity,” the report noted.

It is increasing advisory services for agriculture crisis prevention and management, boosting the capacity of actors, and investing in food market integration and trade.

The World Bank is currently preparing an additional $345 million to assist the government and people of Senegal, Sierra Leone, and Togo.

On Tuesday, the institution’s “World Development Report 2023: Migrants, Refugees and Societies” said more countries now rely on migration to realize their growth potential.