World Bank: Commodity prices in Iraq have risen 7% over the past two months
economic Last update 08/04/2022 | 1:27 pm
In a report, the World Bank warned of the danger of continued high inflation in most low- and middle-income countries, noting that the share of high-income countries, noting that
Iraq witnessed an increase of 7.6 in foodstuffs.
Lebanon ranked first globally on the World Bank's index of food price inflation, surpassing Zimbabwe, which came in second, and Venezuela in third place.
This indicates the magnitude of the challenges ahead for Lebanon, which suffers from a severe crisis in its food security.
The World Bank warned of the danger of persistent high inflation in most low- and middle-income countries, noting that
the share of high-income countries that face high inflation is witnessing a sharp increase in their rates as well, and published a list of the ten countries most affected by inflation and high prices.
His statistics for the year 2022 showed that the prices of food and beverages continued to rise in many countries of the Middle East region compared to the same period last year.
He attributed the direct cause of this reality to the Russian war on Ukraine, as the Middle East and North Africa region relies heavily on the Black Sea region for wheat consumption, stressing that
the war in Ukraine “threatens poor countries with a food crisis and overlapping debt.”
While the report indicated that wheat is one of the staple foods in the Middle East and North Africa, the war in Ukraine is causing disruption in the wheat supply chain, causing critical problems in food security in the region.
As a result, the CPI for food increased significantly in most countries of the region, with Egypt (24.2 percent), Morocco (9.5 percent), Iraq (7.6 percent), Lebanon (216 percent), and (Syria 71 percent).), Yemen (43 percent), Palestine (8.1 percent), and most of these countries are facing severe wheat shortages. Done/25 d