Sri Lanka among top 10 countries with highest food price inflation: WB
September 19, 2022 04:18 pm
An update from the World Bank on food security in the 53 countries and territories revealed that Sri Lanka is among the top 10 countries with the highest food price inflation.
According to the World Bank’s update published on September 15, Sri Lanka has ranked fourth (91% on a year-on-year basis) among the countries with the highest nominal food inflation.
Zimbabwe has topped the list with food inflation of 353% on a year-on-year basis, followed by Lebanon with 240%. Meanwhile, Venezuela ranked third with 131%.
Sri Lanka is followed by Türkiye, Iran, Argentina, Moldova, Ethiopia and Rwanda, respectively.
The island nation’s food inflation, which was at 9.9% in September 2021, has skyrocketed just within a period of four months from April 2022 (45.1%) to July 2022 (90.9%).
The World Bank says domestic food price inflation remains high around the world, with high inflation continuing in almost all low- and middle-income countries and the share of high-income countries with high inflation having increased sharply.
It is forecasted that 205.1 million people will be in a food crisis or worse in 45 of the 53 countries/territories with data for 2021 and 2022.
The report notes that famine is projected to occur between October and December 2022 in three areas of Somalia’s Bay region.
