Ghana is currently ranked 6th in Africa for the highest food inflation.
According to the World Bank’s Food Security Update, Ghana’s food inflation rate of 22.6% in May 2024 placed it in this position.
Malawi and Nigeria took the top spots with food inflation rates of 40.7% and 35.2%, respectively.
Sierra Leone (32.4%), Egypt (31.0%), and Ethiopia (25.5%) were ranked 3rd, 4th, and 5th, while Angola (18.5%) and Zambia (16.2%) were ranked 7th and 8th.
According to the World Bank, many African countries are still grappling with the ongoing burden of high inflation, particularly food inflation.
“Domestic food price inflation remains high in many low- and middle-income countries. Inflation higher than 5% is experienced in 59.1% of low-income countries (no change since the last update on May 30, 2024), 63% of lower-middle-income countries (no change), 36% of upper-middle-income countries (5.0 percentage points higher), and 10.9 percent of high-income countries (3.6 percentage points lower).”
Characterized by a continuous increase in the general price level of goods and services, high inflation has serious consequences for any country. Food inflation, in particular, can have severe repercussions in African nations where food accounts for a major portion of household expenses.
Rising food costs increase the risks of hunger and malnutrition.
