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  • Publication | 2024

Timor-Leste Economic Report, January 2024 - Fit for Purpose: Crafting a Stable, Inclusive, and Resilient Financial Sector

Global Food and Nutrition Security

Highlights:

  • Access to food:

Consumer price inflation has remained elevated due to a significant increase in food and non-food prices. The average inflation rate for the first nine months of 2023 was 8.3 percent yoy, 1 percentage point higher than the previous year’s inflation rate for the same period (Figure 1.24). The rise in the prices of food and non-alcoholic beverages was mainly driven by higher prices of rice, vegetables, and sugary foods (Figure 1.25).

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Inflation is projected to ease in 2024. Price pressures are forecast to abate during the year, driven by a moderation in global commodity prices and a stabilization of global food security conditions.

  • Food insecurity:

Food insecurity remains a key challenge amid high, albeit declining, consumer food price inflation. The number of people who are severely food insecure globally is estimated to have risen from 624 million in 2017 to 900 million in 2022 (FAO et al. 2023). The recent surge in rice prices is likely to exacerbate food insecurity as rice is a staple food for over half the world’s population, providing more than 20 percent of the calories consumed worldwide.