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High cost of food

Nigeria, Ghana among countries experiencing high food cost ~WFP

By on August 22, 2020 0 111 Views

The World Food Programme (WFP) has said that 20 countries across the globe experienced severe high cost of food during the coronavirus pandemic lockdown.

Nigeria, Ghana, Bangladesh and other countries experienced increased food prices resulting from strong demand and stockpiling in spite of the economic downturn in the countries.

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“The costs of food baskets were affected ‘severely’ in 20 countries in Q2-2020, during which the COVID-19 pandemic has played a major role,” the report showed.

READ ALSO: Nigeria’s Inflation Rate Rise 12.82% In July Vs 12.56% In June

The report stated that most notably, despite massive income losses, strong demand resulting from stockpiling in combination with disrupted trade flows led to steep increases in staple food prices in Tajikistan, Bangladesh, Nigeria, and Afghanistan.

In Zimbabwe, food inflation peaked at 81 percent in the second quarter due to strong demand and shortage.

“Other key drivers behind surging food prices included: depreciating local currencies (Lebanon, Syria, Sudan, Angola); panic-buying (Libya, Nicaragua, Honduras, Haiti, Kyrgyzstan); and high seasonal demand (Ghana).

“Amid the escalating economic and political crisis, Lebanon recorded a staggering quarter-on-quarter food inflation of 93.1 percent in Q2-2020, a steep increase from 12 percent in Q1. Headline and food inflation in Zimbabwe rose further during Q2, reaching 73.6 percent and 81 percent, respectively.

“The Syrian pound continued to lose value in the informal exchange, depreciating by 40.9  percent quarter-on-quarter,” the WFP report stated.

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