Lebanon recorded the highest food price inflation rate in the global ranking, at a rate of 261% as an annual rate of change for the period from the end of February 2022 to the end of February 2023.
According to the World Bank report, Lebanon outperformed Zimbabwe, which ranked second, by a double difference, by 128%, revealing that the food price inflation rate is still high around the world and in all income groups, as 70.6% of the countries are low-income and 90% are low-income countries. 9.0% of lower-middle-income countries and 87.0% of upper-middle-income countries have witnessed overall inflation rates that exceeded the 5% threshold, and some of them have inflation rates that exceeded 10%. The report
indicated High-income countries suffer from high inflation rates and high inflation rates in the food price index, explaining that the countries that suffered from the highest inflation rates in food prices are located in the African continent, North America, Latin America, South Asia, Europe and Central Asia .
He pointed out that the real inflation rate in food prices exceeded the total real inflation rate in 86.5% of the 163 countries included in the report. Lebanon recorded
the highest nominal inflation rate in food prices around the world, followed by Zimbabwe at 128%, then
Argentina 107%, Iran 73%, Turkey 67%, Egypt 63%, Rwanda 63%, Suriname 59%, Laos 51%, and Ghana 51%.
As for the real inflation rate, the annual rate of change in food prices in Lebanon reached 71% in the aforementioned period, followed by Zimbabwe at 40%, Rwanda at 32%, and Egypt at 30%.
This article was originally published by RT.