Categories: Articles

LNP – SL ranks 5th among 10 countries with highest food price inflation: World Bank

Sri Lanka ranked 5th among the 10 countries with the highest food price inflation in the latest World Bank assessment.

According, Lebanon, Zimbabwe, Venezuela and Turkey ranked first four countries in the assessment while Iran, Argentina, Suriname, Ethiopia and Moldova ranked behind Sri Lanka.

The World Bank said that record high food prices have triggered a global crisis that will drive millions more into extreme poverty, magnifying hunger and malnutrition, while threatening to erase hard-won gains in development.

The war in Ukraine, supply chain disruptions, and the continued economic fallout of the COVID-19 pandemic are reversing years of development gains and pushing food prices to all-time highs.

Rising food prices have a greater impact on people in low- and middle-income countries, since they spend a larger share of their income on food than people in high-income countries. This brief looks at rising food insecurity and World Bank responses to date.

Domestic food price inflation remains high around the world. Information from between April and July 2022 shows 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 seen inflation levels above 5%, with many experiencing double-digit inflation. The share of high-income countries with high inflation has also increased sharply, with about 83.3% experiencing high food price inflation.

Tyronne Jayamanne

View Comments

  • I am not surprised if we are also in the top 5 corrupt nations. The WB has indicated this when they State that any loans to Sri Lanka will be fully monitored, audited and controlled at all stages. This is a slap on our face and our monitoring instituitions.

Recent Posts

LNP – Australia coach declares Maxwell in frame for Sri Lanka Tests

Newly re-signed Australia coach Andrew McDonald has declared veteran allrounder Glenn Maxwell “100 per cent”…

15 hours ago

LNP – Rice prices average above rate stipulated by Govt

Despite the government regulating prices for Nadu rice at Rs. 220, prices have averaged Rs.235…

15 hours ago

LNP – Sri Lanka makes $503 million in debt service payments in first half 2024

The external debt of the government as of end of June 2024 amounted to USD…

15 hours ago

LNP – Dr. Hans Wijayasuriya appointed Chief Advisor to President on Digital Economy

Former Axiata Group CEO Dr. Hans Wijayasuriya has been appointed as the Chief Advisor to…

16 hours ago

LNP – Online appointment system for new passports to be launched soon

The Department of Immigration and Emigration says that an online appointment system is being prepared…

16 hours ago

LNP – Another jeep suspected to belong to Lohan Ratwatte seized

The Theldeniya police seized a suspicious jeep with a forged number plate, allegedly used by…

1 day ago