‘All low, middle-income nations facing high food price inflation’
Published On January 30, 2024 » 402 Views» By Times Reporter » Business, Stories
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By CHATULA KANGALI –
THE World Bank’s latest update shows that almost all low and middle income countries as well as close to half of high-income States is now experiencing high food price inflation.
It says the escalation of the Middle East conflict can lead to a sustained oil price spike, increasing production and transportation costs for food and fertilizers.
The 2023/24 El Niño may increase prices of tropical crops, export restrictions such as India’s ban on non-basmati rice exports have increased prices.
Russia’s withdrawal from the Black Sea Grain Initiative may disrupt grain exports, macroeconomic conditions pose risks including interest rate hikes, currency fluctuations, and the long-term impacts of climate change

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