Here we present you the list of African nations with the loftiestfood inflation rates.
According to Business Insider report, the list is courtesy of Trading Economics, which collected the data from sanctionedcountrysources.
Note that the rising of food has to do with foodcosts. It’s a majormotorist of overall inflation rates across Africa.
In a recent report by Business Insiderexamined the soaringcosts of foodacross the globe, including in Nigeria and other African countries. It’s a trend that seems to begetting out of hand, aggravated by the ongoingwar in Ukraine and macroeconomic factors like highfood inflation.
As you may know, inflation means a rise in the prices of goods and services. It’s a majorindex of the decline in people’s copping power over a givenperiod. On the otherhand, food inflation specifically has to do with the rise in the cost of foodparticulars over a givenperiod.
Food inflation is a majormotorist of inflationary pressure. And this isn’t surprising, after all, food is an essentialneed. Indeed when prices of foodparticularssoar out of control, we continue to buy them because we need to eat. And this inescapably encourages the affectationrate to shoot .
According to Deloitte, indeed though the war has worsenedfood inflation across the world, utmostcountries were formerly at threat of a foodextremity before Russia invaded Ukraine. This is true, especially for numerous African countries.
Some countries, particularly those in East Africa and the Horn of Africa, havebeenscuffling with unknownfailure and indeedconflicts which havedisintegratedfoodproduct whilst hanging to push millions into starvation.Amid the challenges, the International Monetary Fund( IMF) released a reportlast month named” chiefFoodPrices inSub-Saharan Africa An Empirical Assessment”. The reportexaminedfood inflation trends across the region and advised that foodpricesdecreasinglydriving inflation rates, indeed as the situationwasproving to be‘ hopeless‘.
With this in mind. Below are the list of 15 African countries with the loftiestfood inflation rates. The list is courtesy of Trading Economics, which compiles country data from sanctionedsources.