Highlights:

In 2024Q1, global domestic food price inflation was 4.9 percent, down from 5.7 percent in 2023Q4. Decreasing international prices of various agricultural commodities contributed to the decline.

Nonetheless, domestic food price inflation in 2024Q1 was higher than the 2022 average—the peak year of the recent surge in global inflation—for about one in five emerging and developing economies, and stands above 5 percent in half of countries in each of the Middle East and North Africa, Latin America and the Caribbean, South Asia, and Sub-Saharan Africa (figure 11.C).

Several countries continue to experience very high food inflation in contexts of generally rapid price growth. For example, food price inflation in 2024Q1 was close to 300 percent in Argentina, 142 percent in Lebanon, and more than 50 percent in Myanmar, Türkiye, Venezuela, and Zimbabwe (figure 11.D).