The world is waiting for the acceleration of food inflation to a maximum

The report says that geopolitical turmoil is a sudden factor for the global food market, increasing food inflation. After last February, grain prices rose by about twenty percent, but after the conclusion of the grain deal, they returned to their previous values. Since it stops, supplies from Ukraine will also stop. Prices will go up again, jeopardizing the food security of some countries.

The authorities of many countries are struggling with the increase in the cost of living. In the Asia-Pacific region, prices changed slightly - by less than six percent in 2022, but in Central Asia and Europe - more significantly, or rather, by up to and above eighteen percent.

High rates of price growth (around twelve percent) were observed in Latin America, the Caribbean and sub-Saharan countries. In some places, prices, according to local experts, have risen even by a three-digit value. Vivid examples are Zimbabwe (+285%) and Lebanon (+142.9%). Products in Argentina, Turkey, Ghana, Sri Lanka, Rwanda, etc. became more expensive by double digits. (from 59.2 to 95%). The real figures are slightly lower, but Zimbabwe and Rwanda suffered the most from the high cost of products.

The report says that very soon the whole world will observe the acceleration of food inflation to a maximum. The reason for this will be the termination of the grain deal, and the growth of geopolitical risks, and the climate factor.

As previously reported, in the Irkutsk region, food prices rose by 0.6% over the past month. Although the average increase in price was not huge, some products increased in price more significantly. We observed a strong increase in prices for potatoes , carrots , beets, fresh cucumbers and other vegetables and fruits .