Sri Lanka has been included among the 10 countries with the highest food price inflation in the world.
That is from the latest assessment done by the World Bank.
Sri Lanka ranks 5th in the list of 10 countries with the highest food price inflation in the world.
In that list, the countries with the highest food price inflation above Sri Lanka are Lebanon, Zimbabwe, Venezuela and Turkey respectively.
According to the World Bank, the countries with the highest food price inflation after Sri Lanka are Iran, Argentina, Suriname, Ethiopia and Moldova respectively.
Record high food prices have escalated into a global crisis that will push millions of people into extreme poverty, hunger and malnutrition, according to a World Bank report.
It says that this situation threatens to wipe out the hard-won gains of development.
The World Bank believes that the war in Ukraine, supply chain disruptions and the ongoing economic fallout from the COVID-19 pandemic have reversed years of development gains and pushed food prices to record highs.
Rising food prices have had a greater impact on people in low- and middle-income countries. This is because they spend a larger portion of their income on food than people in high-income countries.
The report says that domestic food price inflation is high in countries around the world.
A look at the data between April and July this year showed high inflation in almost all low- and middle-income countries.
92.9% of low-income countries, 92.7% of lower-middle-income countries and 89% of upper-middle-income countries have inflation levels above 5%.
Many countries are experiencing double-digit inflation. About 83.3% of high-income countries with high inflation experience high food price inflation.
As of August 11, 2022, the Agricultural Price Index was 1% higher than two weeks ago. Maize and wheat prices increased by 2% compared to January 2022, while rice prices increased by about 6%. Maize and wheat price indices are 20% higher than January 2021 averages, while rice price indices are 16% lower.
In response to the ongoing food security crisis, the World Bank Group is providing up to $30 billion for existing and new projects in areas such as agriculture, nutrition, social protection, water and irrigation.
This financing includes efforts to encourage food and fertilizer production, improve food systems, facilitate increased trade, and support vulnerable families and producers.
The World Bank is helping countries improve food and nutrition security during the current crisis.
