World Bank report says global food prices remain high

The World Bank’s latest Food Security Update report released on Tuesday says inflation in food prices remains high globally across low, middle, and high-income countries.

The report highlighted that in 63.2 percent of low-income countries, inflation exceeded 5 percent indicating a 1.3 percentage points increase from the previous food update of January 17, 2023.

Also, the World Bank report pointed out that 73.9 percent of lower-middle-income countries and 48 percent of upper-middle-income countries experienced inflation levels surpassing 5 percent, with no change from the previous update.

However, the Bank said in high-income countries food inflation surpassed 5 percent in 44.4 percent of nations, marking a decrease of 1.9 percentage points from the previous food update.

According to the report, in 71 percent of the 165 countries with available data, food price inflation outpaced overall inflation in real terms.

The World Bank’s Food Security Update stated that the International Food Policy Research Institute (IFPRI) reports that recent assaults by Houthi rebels on vessels in the Red Sea have led to a 40 percent reduction in trade volumes through the Suez Canal, thereby reducing global food security.