World Bank report indicates Qatar’s food price inflation among lowest in the world

World Bank report indicates Qatar’s food price inflation among lowest in the world

QLNews
By QLNews

According to the World Bank’s latest food security update report for 2023, Qatar’s year-on-year food inflation was less than 2 percent between July 2022 and May 2023 making in one of the lowest figures in the world.

The food price inflation tracker released by the World Bank showed that Qatar’s food price inflation showed slight fluctuations from July 2022 to May 2023. In July last year, Qatar’s food price inflation was 4.8% and gradually decreased to -1.5% in May 2023. The highest food price inflation in Qatar was observed in August 2022, with World Bank data indicating that Qatar’s food price inflation stood at 6.4% while the lowest food price inflation in Qatar was recorded in February this year at -1.9%.

According to a tweet released by the World Bank, the highest food price inflation was observed in 61.1% low income countries, 79.1% lower-middle income countries and 70% upper middle income countries. The World Bank further noted that according to The Organization for Economic Co-operation and Development (OECD) and Food and Agriculture Organization (FAO) for every 1% increase in fertilizer prices, commodity prices are estimated to rise by 0.2% highlighting the impact of rising fertilizer costs on agricultural commodities.

A traffic light approach was adopted in the tracker to show the severity of food inflation where red indicated a year-on-year increase of 5 to 30 percent, yellow indicated a year-on-year increase of 2 to 5 percent and green indicated a year-on-year increase of less than 2 percent. Purple was used to highlight countries that had a food price inflation of more than 30 percent.

Qatar’s colour was green for the most part, indicating a food inflation price of less than 2 percent. The highest food price inflation was observed in most African and South American countries falling under the low income and lower middle income brackets such as Burundi, Ethiopia, Malawi, Rwanda, Sierra Leone, Ghana, Haiti and Zimbabwe amongst others. Middle Eastern countries recording a high food price inflation were Iran, Lebanon and Egypt.

Saudi Arabia, Seychelles, Macao, Hong Kong and Singapore were also given the green and yellow light indicating a low food price inflation.

According to the World Bank, the core data source for the food price inflation tracker was the International Monetary Fund supplemented by the Trading Economics.

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