Ghana ranked 6th in Africa with highest food inflation – World Bank
Ghana is currently ranked 6th in Africa with the highest food inflation.
According to the World Bank’s Food Security Update, Ghana’s food inflation of 22.6% in May 2024 put it at that position.
Malawi and Nigeria came 1st and 2nd with food inflation of 40.7% respectively.
Sierra Leone (32.4%), Egypt (31.0%), Ethiopia (25.5%), Angola (18.5%) and Zambia (16.2%) were ranked 3rd, 4th, 5th, 7th and 8th respectively.
According to the World Bank, several African countries are still grappling with the continuous burden of excessive inflation, particularly high food inflation.
“Domestic food price inflation remains high in many low- and middle-income countries. Inflation higher than 5% is experienced in 59.1% of low-income countries (no change since the last update on May 30, 2024), 63% of lower-middle-income countries (no change), 36% of upper-middle-income countries (5.0 percentage points higher), and 10.9 percent of high-income countries (3.6 percentage points lower)”.
Characterised by a continuous increase in the general price level of goods and services, it has various serious consequences for any country that experiences it. In addition to this issue, the one area where inflation has the most impact is on food.
The high food inflation can have serious repercussions in African nations where food accounts for a major quantity of family expenses.
The rising food costs increases the risks of hunger and malnutrition.
Source: MyjoyOnline.com
