On July 17, 2023, Russia announced that it would not renew the Black Sea Grain Initiative (BSGI). Maize, wheat, and rice prices are 8%, 11%, and 3% higher, respectively, than in January 2021. (See “ pink sheet” data for agricultural commodity and food commodity prices indices, updated monthly.) On a year-on-year basis, maize and wheat prices are 15% and 17% lower, while rice prices are 16% higher. An increase in maize and wheat prices, which closed 12% and 14% higher, respectively, after declining in the first half of July, drove the increase in the cereal price index, whereas rice prices have remained stable. Since the last Update, two weeks ago, the agricultural, export, and cereal price indices closed 6%, 4%, and 10% higher, respectively. ![]() In real terms, food price inflation exceeded overall inflation in 80.1% of the 166 countries where data is available.ĭownload the latest brief on rising food insecurity and World Bank responses The most-affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia. In addition, 78.9% of high-income countries are experiencing high food price inflation. ![]() Information from the latest month between February 2023 and May 2023 for which food price inflation data are available shows high inflation in most low- and middle-income countries, with inflation higher than 5% in in 63.2% of low-income countries, 79.5% of lower-middle-income countries, and 67% of upper-middle-income countries, with many experiencing double-digit inflation. Domestic food price inflation remains high around the world.
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