While global food prices are dropping, South Africa’s food price inflation rate was 8.6% in June, and may not yet have peaked.
However, many other countries are far worse off, particularly those that have been dependent on grain or fertiliser imports from Ukraine and Russia. A World Bank report lists the 10 countries with the highest rates of food inflation, both in nominal terms (actual prices) and real terms (after adjusting for inflation).
Worst off by both measures is Lebanon, with nominal food inflation at 322% and real food inflation at 122%. Second is Zimbabwe (309% nominal and 52% real). Other African countries with high food inflation rates on one or both lists are Ethiopia (38% nominal), Burkina Faso (11% real) and Rwanda (10% real).
South Africa, thankfully, does not make either list. While our nominal rate is below 10%, the lowest on the World Bank’s nominal table was Moldova where consumers are paying 34% more for food in the shops.