Latin America and the Caribbean: food price inflation 2018-2024
Food price inflation in Latin America and the Caribbean reached a staggering 187.63 percent in June 2024 compared to the same month the previous year. This dramatic increase reflects a persistent trend of rising food costs across the region, with some countries experiencing particularly severe inflationary pressures. The surge in food prices has significant implications for household budgets and food security throughout Latin America.
Regional variations and contributing factors
While the overall trend shows a sharp increase in food prices, there are notable differences among countries in the region. Venezuela and Argentina consistently rank among the nations with the highest food price inflation, while Panama and Ecuador have experienced relatively lower rates. The consumer price index for food in Latin America and the Caribbean jumped from 425.38 points in June 2023 to 1,223.53 points in June 2024, representing an increase of over 158 percent. This rapid escalation in food costs has put considerable strain on consumers across the region.
Global context and consumer impact
The food price inflation crisis in Latin America is part of a broader global trend. Zimbabwe, for instance, recorded the highest level of real food inflation worldwide between December 2023 and April 2024, with a 46 percent increase compared to the previous year. Argentina followed with a 20 percent increase. The impact on consumers is significant, with many finding it increasingly difficult to afford healthy and sustainable food options. In Argentina, 62 percent of respondents reported difficulty in purchasing such foods due to a lack of affordability, an increase of seven percentage points from 2021. Similar challenges were observed in other Latin American countries, including Peru, where the share of respondents reporting difficulties rose from 19 percent to 25 percent between 2021 and 2023.
