How does US food inflation compare to the rest of the world? Fascinating map reveals which countries are seeing prices rise fastest

Food prices are outstripping the general rate of inflation in the vast majority of countries thanks to a series of global crises, new data shows.

Analysis by the World Bank found residents in Venezuela, Lebanon, Argentina, Turkey and Egypt were the biggest victims of food price inflation.

Researchers looked at food prices between May and August 2023 and identified the countries that had a food price inflation rate of more than 5 percent.

Its findings showed that lower- to middle-income countries fared the worst, with 86.4 percent of these countries reaching the 5 percent threshold.

By comparison, 52.6 percent of low-income economies, 64 percent of upper-middle-income economies, and 69.6 percent of high-income countries reached the mark.

Food prices have been driven up by inflation and also various crises, such as India’s ban on rice exports, which has sent prices of 20-pound bags soaring from $16 to $50 in some stores.

Similarly, orange juice production has been hit by crop disease and hurricanes in Florida – meaning prices are now triple what they were in 2020.

Russia’s invasion of Ukraine – and subsequent trade restrictions – have pushed up the cost of grain and fertilizer.

The United States had an overall food inflation rate of 5.7 percent. This is despite the fact that the headline inflation rate has fallen to 3.7 percent and has remained below 4 percent since May this year.

America outperformed countries such as Canada and Australia, where prices rose by 8.3 and 8 percent respectively. It was also much less affected than the UK which had a food inflation rate of 17.5.

However, the US stood well ahead of China and India, which saw costs rise by 2.3 percent and 4.6 percent each.

The World Bank’s Global Report on Food Crises 2023 Half-Year Update shows that 238 million people in 48 countries are now facing acute food insecurity since 2022.

The report notes: ‘There are three major drivers of food insecurity in 2023, including conflict, economic challenges and climate-induced weather extremes.

After Russia’s invasion of Ukraine, trade-related policies imposed by countries increased.

“The global food crisis has been exacerbated in part by the growing number of food trade restrictions imposed by countries with the aim of increasing domestic supply and lowering prices.”

The price of frozen orange juice concentrate, a global benchmark for the orange juice market, rose to more than $3.50 on Monday

According to the US Department of Agriculture, Florida’s orange production has been affected by two phenomena – greening disease and hurricanes.

As of September 25, 19 countries have imposed 25 food export bans and seven have imposed 12 export restrictive measures.

The price of orange juice alone has tripled since the pandemic after weather conditions knocked Florida’s orange production to its lowest levels since 1937.

Frozen orange juice concentrate, a global benchmark for the market, rose to a record high of more than $3.50 last Monday.

Florida’s orange production has been affected by two phenomena – greening disease and hurricanes, according to the US Department of Agriculture.

In July, the department said it expected Florida to produce just 15.9 million boxes of oranges this year, down 70 percent from the 2020-21 season.

The oranges are also smaller than they were in the past, which means more fruit is needed to fill boxes, according to the agency.