Lebanon ranked 3rd in inflation after Zimbabwe, Venezuela: World Bank

Lebanon ranked third in the world and first in the Arab world in the list of countries most affected by price inflation of food, after the country recorded a 143% rise in food prices by the end of January of this year.

“Lebanon is the third highest country in the world in food price inflation after Zimbabwe and Venezuela
According to the World Bank’s Food Safety report. January 30 saw the highest rate of food inflation in Zimbabwe at 285 percent, followed by Venezuela with food price inflation at 158 percent and Lebanon at 143 percent.” The World Bank reported

Argentina ranked fourth, with a food price inflation rate of 95 percent, and Turkey ranked fifth, with food price inflation of 77 percent.

Also in the top 10 list were Ghana, Sri Lanka, Rwanda, Suriname and Haiti, respectively.

In the report, food inflation was recorded at 83.5 percent in low-income countries, while food inflation was recorded at 91 percent in upper-middle-income countries.

In addition, it was reported that maize prices increased by 31%, wheat prices by 12%, and rice prices increased by 5% compared to January 2021.

The report also stated that the United Nations World Food Price Index for fertilizer shows a decline in prices, but warned that fertilizer prices are still higher than normal levels.

The World Bank report stressed that the food crisis was exacerbated by trade restriction decisions implemented by some countries. As of December, 19 countries have banned the export of 23 foods; It stated that 8 countries have taken 12 measures to restrict exports.

World Bank