While global food prices have pulled back from their peaks, food price pressures in Africa remain acute.
This is reflected in the chart above, which highlights the quickening pace of food price inflation in Sub-Saharan Africa this year. According to a study conducted by the International Monetary Fund, staple food prices in Sub-Saharan Africa have increased by around 24 percent over the past two years, the most since the 2008 GFC.
The IMF said that global factors are partly to blame, adding that the region imports most of its staple foods (wheat, palm oil and rice). Supply disruptions, currency depreciation and fertiliser prices are some of the main factors contributing to higher food prices. Looking ahead, macroeconomic fundamentals suggest that while global food prices have moderated, regional food prices will remain elevated in the short to medium term.
