AT A GLANCE
• Since the last update on March 9, 2023, the agricultural, cereal, and export price indices closed 3 percent, 2
percent, and 2 percent lower, respectively.
• Domestic food price inflation remains high in almost all low-, middle-, and high-income countries.
• One year after the invasion of Ukraine, a recent International Food Policy Research Institute (IFPRI) blog reviews
the impacts on fertilizer production, prices, and trade flows.
• According to a recent report from the Food and Agriculture Organization of the United Nations (FAO), the
benchmark index of international food commodity prices declined for the 11th consecutive month in February
2023.
• A March 2023 report from the United Nations Conference on Trade and Development (UNCTAD) stressed that
the Black Sea Grain Initiative has helped bring down the cost of food and stabilize global markets and keep them
open. At the same time, the report highlights that further progress could be made, with food prices remaining
higher than before the war.

Food Price Inflation Dashboard
Domestic food price inflation (measured as year-on-year change in the food component of a country’s Consumer
Price Index (CPI)) remains high. (See the dashboard in Annex A.) Information from the latest month between
November 2022 and February 2023 for which food price inflation data are available shows high inflation in almost
all low- and middle-income countries, with inflation levels above 5 percent in 88.2 percent of low-income countries,
93.0 percent of lower-middle-income countries, and 89.0 percent of upper-middle-income countries and many
experiencing double-digit inflation. In addition, 85.7 percent of high-income countries are experiencing high food
price inflation. The countries affected most are in Africa, North America, Latin America, South Asia, Europe, and
Central Asia (Figure 2a). In real terms, food price inflation exceeded overall inflation (measured as year-on-year
change in the overall CPI) in 90.6 percent of the 161 countries for which food CPI and overall CPI indexes are both
available (Figure 2b). This week’s 10 countries with the highest food price inflation, in nominal and real terms, are
listed in Table 1 (using the latest month for which data are available between November 2022 and February 2023)


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