Expensive food

According to the World Bank, domestic food price inflation remains high in many low- and middle-income countries.

- MARIANNE GO

Inflation higher than five percent is experienced in 70 percent of low-income countries (6.2 percentage points lower), 47.8 percent of lower-middle-income countries (three percentage points lower), 36 percent of upper-middle-income countries (two percentage points lower), and 9.1 percent of high-income countries (0.2 percentage points higher).

In real terms, food price inflation exceeded overall inflation in 59.8 percent of the 164 countries where data are available.

Since the World Bank's last update on Oct. 18, the agricultural and cereal price indices rose by one and two percent, respectively; the export price index remained unchanged. Maize prices increased by seven percent, while wheat and rice prices fell by five percent, respectively.

On a year-on-year basis, maize prices are nine percent lower and rice prices are eight percent lower, while wheat prices are one percent higher. Compared to January 2020, maize prices are nine percent higher, wheat prices are three percent lower, and rice prices are 29 percent higher.

The November 2024 Agricultural Market Information System (AMIS) Market Monitor highlighted various price fluctuations and policy changes in global agriculture in October. Wheat prices reached multi-month highs, largely because of weather-related planting delays in the northern hemisphere, but later eased as conditions improved.

Maize prices also increased slightly, even with swift harvest progress in the United States, whereas rice and soybean prices fell. In policy moves, India removed the minimum export price for non-basmati white rice, and Bangladesh and Turkey relaxed import restrictions on maize, rice, and vegetable oils.