Ghana Ranks 6th in Africa for Highest Food Inflation in May 2024

According to the latest World Bank Food Security Update, Ghana has been ranked 6th among African nations grappling with soaring food inflation rates. In May 2024, Ghana recorded a substantial food inflation rate of 22.6%, highlighting significant economic challenges within the country.

Leading the rankings were Malawi and Nigeria, with staggering food inflation rates of 40.7% and 32.4%, respectively. Following closely behind were Sierra Leone at 32.4%, Egypt at 31.0%, and Ethiopia at 25.5%. Angola and Zambia rounded out the top eight with rates of 18.5% and 16.2%, respectively.

The World Bank's report underscores a widespread issue across the continent, noting that many African countries continue to struggle with persistent high inflation, particularly in essential food items. This economic phenomenon poses serious threats, exacerbating the risks of hunger and malnutrition in households where food expenses constitute a significant portion of overall expenditures.

Inflationary pressures, defined by a sustained rise in the overall price level of goods and services, are particularly concerning for low- and middle-income nations. The report highlights that over half of low-income countries and nearly two-thirds of lower-middle-income countries are experiencing inflation rates exceeding 5%.

The implications of such high food inflation extend beyond economic challenges, potentially impacting food security and socio-economic stability across affected regions.