Lebanon tops World Bank's food inflation assessment

Lebanon Economy
2023-05-08 | 05:27
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Lebanon tops World Bank's food inflation assessment
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Lebanon tops World Bank's food inflation assessment

In World Bank's latest assessment, Lebanon topped the ten countries with the highest food price inflation, rating 261 percent in "Nominal food inflation" and 71 percent in "Real food inflation." 
Preceding Lebanon were Zimbabwe (128 percent), Argentina (107 percent), and Iran (73 percent). 
 
According to the World Bank, Lebanon's economic situation continues to deteriorate, as the Lebanese lira saw a 98 percent loss in value since the start of the crisis in 2019.  

Based on the assessment, and according to the World Food Program (WFP), "as the economic crisis continues to worsen and food prices increase, food insecurity is expected to affect 1.46 million Lebanese and 800,000 Syrian refugees," i.e., 42 percent of the total population, by April.  

Further, according to the assessment, since the last update (April 6, 2023), the agricultural, cereal, and export prices closed, respectively, 3 percent, 2 percent, and 8 percent higher. 

Domestic food price inflation remains high worldwide, as "information from the latest month between December 2022 and March 2023 for which food price inflation data are available shows high inflation in almost all low- and middle-income countries," based on the World Bank.
 

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