Bangladesh has been in the 'red class' of the World Bank's food inflation for two years. This class means that food inflation in the country is between 5 and 5 percent, which is considered as a huge challenge for food security in Bangladesh according to the current situation. Along with Bangladesh, the red classes are in India, Congo, Angola, Ethiopia, Gambia, Guinea, Madagascar, Ghana, Laosh, Lestho, Tunisia, Zambia, Belarus and Russia. The World Bank publishes food security and inflation -related updated reports every six months.
The report says Pakistan is in danger a couple of years ago. In Pakistan, inflation also increased. In August 2021, Pakistan's inflation reached 5 percent. Basically, the increase in food prices increases overall inflation. Pakistan also borrowed $ 1 million from the IMF to handle the situation.
According to the World Bank report, Pakistan's food inflation minus was 5.7 percent in February. Five months in the last 6 months, food inflation was minus. Pakistan is on the green list of the World Bank. And India has been under pressure for the economy for years. Although there was no high inflation, the country was under pressure with inflation. But the country's inflation has been at some tolerable level for months.
The World Bank says India's food inflation stood at 9.5 percent last January. Although India is still on the World Bank's 'Red' list. However, food inflation like Bangladesh has not increased so much in India. According to the World Bank data, food inflation in India is now less than 5 percent. In Pakistan, inflation is now 'minus' (negative), that is, food prices are falling. The same image in Sri Lanka. Food inflation in Nepal and Maldives is less than 5 percent. Food inflation is now minus in SAARC, Afghanistan.
It is reported that after the war between Russia and Ukraine in the beginning of 2022, the prices of commodities increased around the world. Many countries started to get in danger of their economy. Sri Lanka, Pakistan, Bangladesh and India are increasing among South Asian countries. The rate of food inflation was high. Sri Lanka and Pakistan were more dangerous. They are now able to handle inflation. India has also taken under pressure.
Bangladesh Statistics Bureau (BBS) data says that at the end of March, food inflation in the country is about 5 percent. The overall inflation rate is 5.7 percent. The World Bank publishes the food security report considering the last 8 to 12 months of food inflation situation. Bangladesh was on the red list for a year before. Every six months, the company publishes this figure. Accordingly, Bangladesh has not changed the list for almost two years.
The World Bank has divided different countries into four classes to explain how much food inflation is in a country. Countries, which are 5 percent or more in countries, are in the 'purple' class of countries; Between 5 and 5 percent of countries that are food inflation, they are kept in the 'red' class. In addition, the countries of inflation have been placed in 'green' classes of inflation and less than 2 percent of inflation countries between 2 and 5 percent. In all, the food inflation situation in 12 countries has been highlighted in the report.
Zahid Hossain, a former chief economist at the Dhaka office of the World Bank, said the market is not supervised to control inflation. The origin of extortion has not stopped. The law and order situation is not at a satisfactory level. Only players have changed in the market, the game has not changed. Market players are still out of touch.
Sri Lanka went bankrupt in 2022 to repay foreign loans. Then in March 2021, the International Monetary Fund (IMF) started to turn around after receiving $ 20 million loan. In September, 2022, inflation was about 5 percent. Of these, food inflation is the highest. The situation has now passed. According to the World Bank report, last February, Sri Lanka's food inflation fell to minus 2 percent. According to the World Bank, Sri Lanka is now on the green list. Sri Lanka's food inflation has not been more than 5 percent for a year. The Sri Lankan government has reduced the cost of government service bills, including fuel oil to reduce inflation.
The World Bank says Afghanistan's food inflation in another South Asian country has been minus for a year. Last February, Afghanistan's inflation was minus 5 percent. Food prices have dropped at a huge rate in the country. The World Bank also says that in the last one year in Nepal, food inflation was between 5 and 5 percent. Last February, Food inflation in Nepal was 5.7 percent. In the Maldives, food inflation was between 5 and 5 percent for a year. The World Bank did not calculate Bhutan's food inflation.
Considering the high food inflation, six countries have been in the worst -class purple for a year, drawn on the World Bank list. These countries are Malabi, South Sudan, Haiti, Myanmar, Argentina and Turkey. Eight countries are best for food prices. Green -class countries are Switzerland, Sweden, Saudi Arabia, Macao, China, France, Finland and Benin.
Other countries on the list have been on the list of red, sometimes purple, sometimes yellow or green in the last one year. Some have improved their food inflation situation, some have declined.
