The International Finance Corporation claims that commodity price increases is more severe in African nations
Although food is a basic human need, not everyone has access to it. On a continent the size of Africa, food security is still a major problem that affects millions of people in various ways throughout its member states. Insider Business Africa shows which African nations were most severely affected by food inflation in February. Africa’s most afflicted countries continue to experience substantial national food price inflation. The World Bank is the source of this list.
Markets As nations trade increasingly beyond the continent, the AfCFTA is unable to increase Africa’s share of global commerce above 3%.
African International Trade Bank President Prof. Benedict Oramah [Leadership Conferences]
home 60% of Afreximbank’s $30 billion in energy funding goes to Nigeria.
This problem is caused by many circumstances, notably, Poverty, lack of facilities, and warming temperatures are some of the causes that contribute to this problem. In addition, difficulties including exchange rate swings and geopolitical unrest—best illustrated by the Russian-Ukrainian conflict—have impacted the worldwide supply chain for agricultural products and inputs.
More strain is being placed on the sensitive dance of demand and availability due to the continent’s rapidly growing population. More mouths to feed means more people, which strains an already overburdened system.
In low-, middle-, and high-income nations across the continent, domestic food price inflation is still quite significant, according to the World Bank’s February Food Security Update report.
According to the analysis, it will keep rising in the upcoming months due to the growing interruption of trade and market performance.
According to the analysis, the increased interruption of international trade and market functioning, the expectation of below-average harvests, and the high cost of fuel and transportation will all contribute to its further growth in the upcoming months.
Every nation’s food inflation is calculated using the most recent month for when information on the general Consumer Price Index (CPI) and the food component of the CPI are available, which runs from October 2023 to January 2024. The difference between overall and real food inflation is known as actual food prices.
The following list of African nations ranks highest for food inflation in February:
Ranking Country % year over year
1 Zambia (26%),
2 Egypt (18%).
3 Malawi 9%
4 Guinea (6%)
