Nigeria ranks eighth amongst countries with highest food inflation – World Bank

By Opeyemi Abdulsalam

Food inflation remained high in May, with 59 percent of low-middle-income countries, including Nigeria, experiencing increases.

According to the World Bank’s latest report, Nigeria’s real food inflation jumped 41 percent compared to last year, while nominal food inflation rose 7 percent.

This ranks Nigeria eighth among countries with the highest nominal and real food inflation.

Globally, food inflation increased in 63 percent of lower-middle-income countries, 31 percent of upper-middle-income countries, and 14.5 percent of high-income countries.

Real food price inflation exceeded overall inflation in 53 percent of the 166 countries reviewed.

Maize and wheat prices rose 4 percent and 21 percent, respectively, while rice prices declined 1 percent on a month-on-month basis.

Argentina recorded the highest food inflation, with a 293 percent surge in nominal food inflation and 163 percent in real food inflation.

Malawi recorded the lowest surge in nominal food inflation at 40 percent, while Paraguay had the lowest real food inflation at 5 percent.

The World Bank projects that global food prices will decline 6 percent in 2024 and 4 percent in 2025, with maize and wheat prices falling by 21 percent and 15 percent, respectively, due to increased global supply.