
Inflation Rate for Food in Latin America
By Shubhendra Anand , 17 May, 2023
Food is the most significant contributor to inflation in Latin America and the Caribbean (LAC). In Venezuela, the inflation rate is high for the food of Latin America, as per the data by the Food and Agricultural Organization of the United States (FAO). Venezuela saw an increase of 110.4 percent in the inflation rate until September, and Argentina also saw the second highest rate, 86.8 percent.
According to FAO, the three countries with low food inflation rates for the same period are Bolivia at 2.2 percent, Panama at 5 percent, and Ecuador at 7.1 percent. Also, FAO said that the average annual food inflation in the region was 43.9 percent in September 2022, but it did not exceed 23 percent globally.
The LAC region is still experiencing socio-economic factors on a national basis which might be a reason leading the inflation to rise. The United Nations development program says the Russian- Ukraine war and the pandemic have contributed to the consequences of these overlapping crises affecting the societies in LAC.
According to FAO, lower-income households are more vulnerable to food inflation, most probably due to the disproportionate budget allocation towards the spending on food.Inflation Rates in Latin America

Latest News

China rightfully takes center stage in progress in ultra-fast charging EV batteries. As it appears, a Chinese electric vehicle manufacturer has emerged as a clear industry leader by developing the fastest charging battery in the world that can go…

Chinese market goes through significant economic changes in 2024. Globally, Chinese brands are climbing the ladder higher in the market. A 2024 survey shows the performance of some Chinese companies with the highest brand value. These companies help…

There is a global race to clean energy sources because of climate change in 2024. However, there is a danger that the impending metal supply crisis will offset this gain. The move to renewable energy technologies greatly depends on critical minerals…

Indian economy is facing new challenges at the end of the month of 2024. India's gross domestic product (GDP) expanded to 6.7 percent in the second quarter of 2024. From April to June 2024, the Indian market began to shrink continuously. It led to a…

Global oil demand reports show unbalanced statistics due to different analyses in two consecutive months of 2024. The International Energy Agency (IEA) states that global oil demand will decline by 2030. The report explains that fossil fuel demand…

Head Research