Domestic food prices are rising globally, as inflation rates continue to rise in almost all low and middle-income countries, the World Bank warned.
In its latest Food Security Update, the World Bank noted that inflation in Morocco went from 4.3% in January 2022 to 14.4% in November, effectively ranking the Kingdom in the red zone of countries that witnessed a rise in prices, ranging between 5% and 30%.
According to recent figures from Morocco’s High Commission for Planning, inflation during the past year reached 6.6% due to the increase in food prices by 11% and non-food items by 3.9%, especially transportation by 12.2%.
While the World Bank’s report expects that the global economy will rise by 1.7% in 2023 and 2.7% in 2024, global food prices are expected to remain high.
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