Venezuela ranked third in the ranking of the world’s countries with the highest food inflation, according to data recently published by the World Bank.
Although the country overcame the hyperinflation it suffered between 2017 and 2021, the agency registered 155% annual inflation in goods related to the Venezuelan food.
This percentage of food inflation obtained between July 2021 and July 2022 placed Venezuela only behind Lebanon (332%) and Zimbabwe (309%), while it ranked above countries such as Turkey (95%), Iran ( 91%), Argentina (66%) and Ethiopia (38%).
Food inflation rates in recent months have skyrocketed as a result of the pandemic, as well as disruptions to supply chains caused by the war between Russia and Ukraine.
World Bank figures indicate that the agricultural price index is up to 20% higher in July 2022 compared to January 2021, with corn and wheat being the most affected inputs.
This situation has mainly affected countries with lower incomes. As a result, the World Bank warns that some 345 million people in 82 countries suffer from food insecurity, a margin in which the lives of individuals can even be considered at risk as a result of famine.
The Economic Commission for Latin America and the Caribbean indicated in a report published in June that some 7.8 million people are at risk of falling into food insecurity in Latin America and the Caribbean.