Food prices soared by up to 30% in Pakistan: WB.

The World Bank has said the prices of food items in Pakistan had increased by 5% to 30%. This was stated in the 'World Food Security Update Report' released by the WB.

According to the report, the war between Russia and Ukraine has caused the poor countries to suffer from food and debt crises.

African countries are facing the worst food shortage in 40 years and inflation is in double digits in many low-income countries, including Pakistan.

The report added that global prices, including those of agricultural products, had been stable for the past two weeks and an agreement had been reached between Russia and Ukraine to release 20 million tons of wheat.

The deal last month between Ukraine and Russia, brokered by Turkey and the United Nations, to allow container ships carrying cereal to leave Ukrainian ports helped bring commodity prices down.

The WB report showed a dramatic reversal of cereal prices on global markets since June and a steep fall in the price of other agricultural products to lows close to those seen last year.

The report stated that the war in eastern Europe would hit many countries with an increase in food bills worth more than 1% of their annual national income, while others would fail to contain the impact and be plunged into a full-blown debt crisis.

Lebanon was the worst-hit, the WB report read, after a food grain store explosion in Beirut two years ago crippled the country's ability to hold and distribute...

To continue reading

Request your trial

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT