June 13, 2024

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Venezuela has the third highest food inflation in the world

Venezuela has the third highest food inflation in the world
Food Inflation The IGTF Food Basic Household Basket was in the $800 range in October
Christian Hernandez/AFP

Venezuela ranks third in the ranking of countries with the highest food inflation in the world. information Recently published by the World Bank.

Despite the high rate of inflation experienced by the country between 2017 and 2021, the company recorded 155% annual inflation in Venezuelan food-related products.

This percentage of food inflation obtained between July 2021 and July 2022 puts Venezuela behind countries such as Lebanon (332%) and Zimbabwe (309%), Turkey (95%), Iran (91%), and Argentina (66). %) and Ethiopia (38%).

Food inflation has risen in recent months as a result of disruptions to supply chains caused by the pandemic and the war between Russia and Ukraine.

World Bank figures indicate that the agricultural price index is 20% higher in July 2022 compared to January 2021, with maize and wheat the most affected inputs.

This situation has mainly affected low-income countries. As a result, the World Bank warns that some 345 million people in 82 countries suffer from food insecurity, and even individual lives may be considered at risk as a result of famine.

Economic Commission for Latin America and the Caribbean a Report About 7.8 million people in Latin America and the Caribbean are at risk of food insecurity, it was published in June.

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