AMMAN — The food security update issued by the World Bank (WB) on September 14 showed that food prices in Jordan only increased by 0.6 per cent in July amid global inflation pressures.
“Domestic food price inflation remains high around the world,” the report stated.
Information for the period between May and August 2023 shows that 52.6 per cent of low-income countries, 86 per cent of lower-middle-income countries, and 64 per cent of upper-middle-income countries recorded inflation rates higher than 5 per cent, it added.
The report also pointed out that many of these countries are “experiencing double-digit inflation”. Moreover, 73.2 per cent of high-income countries have high food price inflation.
“The most-affected countries are in Africa, North America, Latin America, South Asia, Europe and Central Asia,” it added.
Countries with the highest food price inflation, in real terms, are Egypt followed by Lebanon and Turkey, the report showed.
It also stated that real food price inflation exceeded overall inflation in 81 per cent of the 162 countries for which Consumer Index Price (CPI) for food and overall CPI are available.
In Jordan, food price inflation decreased by 0.4 per cent at the beginning of this year. Prices then increased by 1 per cent, 0.7 per cent, and 0.8 per cent in February, March, and April, respectively, the report revealed.
Its data also showed that the increase in July 2023 was preceded by a 0.1 per cent decrease in June and a 1.9 per cent decrease in May.
Global trends: Agricultural commodity prices
Since the previous food security update issued in July, agriculture and cereal price indices decreased by 6 per cent and 10 per cent, respectively, according to the report.
“The decline in the cereal price index has been driven by maize and wheat prices, which are 13 per cent and 24 per cent lower, respectively, since the last update.
“On a year-on-year basis, maize and wheat prices are also 28 per cent and 31 per cent lower. However, rice prices continue their rising trend since May and are 31 per cent higher,” it stated.
The report forecasts improvements in the global grain market in 2023/2024, “primarily because of record-level production of three staple grains: Wheat, maize and rice”. This will reflect positively on food security and economic stability around the world.