How much have food prices increased?

The World Bank Data Blog provides information on food prices in the article Food prices eased but risks remain elevated by John Baffes & Kaltrina Temaj (11/21/2022)

The World Bank’s Food Price Index declined 12% in the third quarter of 2022 (q/q) after reaching an all-time high in April. The index remains almost 20% higher than a year ago.  In domestic currency terms, however, food prices remain elevated due to currency deprecations. Food prices are expected to fall 5% in 2023 before stabilizing in 2024. Despite the expected declines, most food prices will remain high by historical norms. The forecasts are also subjected to numerous risks.

The article has total of 7 graphs, most of them are interactive, and interesting information:

Supply disruptions, increasing production costs, and appreciation of the U.S. dollar have exerted upward pressure on domestic food price inflation in most countries.  Food price inflation in South Asia averaged 20% in the first three quarters of 2022 (y/y); the average for most other regions was 14%. The exception was the East Asia and the Pacific region where food price inflation averaged just 6%, in part due to stable rice prices, a key staple in the region.

There are links to the data but it may take some work to get it. This is a rich QL article. For example, a good assignment is use the graph to verify the percentages in the first quote above.

 

 

About Thomas J. Pfaff

Thomas J. Pfaff is a Professor of Mathematics at Ithaca College. He created this website because he believes that sustainability, ranging from climate change to social justice, should be included in all courses whenever possible.

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