Food inflation figures released by World Bank in an update on 15 September 2022 cited Zimbabwe with highest food inflation pegged at 353% followed by Lebanon at 240 %.
This has set tongues wagging across a wider section of consumers, policy makers, consumer activists, the media among others with different views, opinions to these figures in comparison to our statistical agency, ZIMSTAT figures.
Though food inflation could be attributed to the weakening Zimdollar that has been facing a battering from major currencies with producers, retailers having to peg their pricing using official rates while small operators have resorted to using unofficial rates, monetary authorities have implemented a raft of measures that have since brought much needed relief in market in a bid to stabilise pricing.
Mopping excess liquidity, reigning on speculative pricing that had seriously eroded consumers purchasing power owing to unrealistic pricing of goods and services and unjustified increases that were happening beginning and second quarter of year while it would appear that normalcy is taking centre stage owing to treasury and Central bank implementing tighter fiscal and monetary policies that are bearing positive results, though to some doubting Thomases we are told they could be temporary.
According to the World Bank report, high food inflation is projected to continue in almost all low and middle income countries most affected being in Africa, North America, Latin America, South Asia, Europe and Central Asia, with feminine projected to occur between October and December 2022 in some parts of Africa, notably Somalia, while 205.1million will face food hunger in 45 of the 53 countries.
Other countries mentioned in the report with high year on year inflation include Venezuela 131%, Sri Lanka 91%, Turkey 90%, Iran 81%, Argentina 66%, Moldova38%, Ethiopia 36% and Rwanda at 34%.
From released figures from WB, global food inflation is causing havoc not only to Zimbabwe it has since become a nightmare to all countries including developed economies that have had to bear the brunt of high cost of living, as COVID 19 induced effects, Russia-Ukraine war has also contributed immensely in disrupting global food supply chains impacting negatively on shortages of cereals, fertilizers, gas, oil among some products imported.
The ongoing 77th session of United Nations General Assembly (UNGA 77) that opened on 13 September 2022 with Secretary General Antonio Guteresse imploring world leaders to invest more in tackling global challenges facing nations among them climate change, food insecurity which has potential to destabilise communities, increase hunger, malnutrition drive migration and conflict causing economic disfranchisement.
Current high energy costs, climate change, COVID-19 and global conflicts are also causing food crisis in nations.
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