Globally high food inflation


Turkey, the 10th largest agricultural economy in the world, was among the top five countries with the highest food inflation in November, according to the World Bank. Turkey rose from fifth place to fourth place in October, and its ranking didn’t change in November, according to the Food and Agriculture Organization of the United Nations (FAO). Among the top five, Turkey was the only country whose annual inflation rose. Food prices in Turkey have differentiated from the food prices in the world per the latest data. The FAO Food Price Index (FFPI) has been on a downward course since May 2021. It saw a 15% decline in the last seven months. The annual hike dropped from the record high of 51% in May 2021 to 2% in October. The decrease would be at higher if grain prices didn’t increase in the last three months. The upward trend in food prices continues in Turkey while food prices are falling around the world. The separation seems likely to be more significant in the coming months because food inflation saw 99% in October, while the Agricultural Input Price Index soared 138.2% and the Producer Price Index of Agricultural Products jumped 163.3%. In line with these figures, food inflation will reach triple digits with the transitivity that will emerge in the coming months.

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