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The World Bank has said domestic food price inflation remains high around the world. According to the bank’s food security update published on 31 July 2023, covering February 2023 to May 2023, food price inflation was higher than 5% in 63.2% of low-income countries, 79.5% of lower-middle-income countries, and 67% of upper-middle-income countries, with many experiencing double-digit inflation. In addition, 78.9% of high-income countries are experiencing high food price inflation.

The most-affected countries are in Africa, North America, Latin America, South Asia, Europe, and Central Asia.

In real terms, food price inflation exceeded overall inflation in 80.1% of the 166 countries where data is available. In Nigeria, headline inflation increased to 22.79% in June, while food inflation was higher, at 25.25%, on annualised basis.
 
According to the World Bank update, global agricultural, export, and cereal price indices closed at 6%, 4%, and 10% higher, respectively, in the last two weeks of July. Maize and wheat prices posted higher increases at 12% and 14%.

On a year-on-year basis, maize and wheat prices were 15% and 17% lower, while rice prices are 16% higher.