Food inflation in Latin America and the Caribbean - statistics & facts
Food price inflation has been a big concern in Latin America and the Caribbean for the past few years. Its impact has been felt across all countries and livelihoods have been deeply affected. Some have felt it stronger than others, like people in Argentina and Venezuela, where food price increases are higher than ever before.
In Venezuela, the food inflation rate reached an all-time high of 489 percent in March 2023, compared to the same month of the previous year. It has slowed down since, in October 2024, the inflation rate increased by 22 percent compared to October 2023. In contrast, in Costa Rica, the food inflation rate has been steadily decreasing since July 2023.
Food inflation is not the same everywhere
Inflation is caused by several factors including global events like the war in Ukraine, the aftermath of the COVID-19 pandemic, fluctuations in commodity prices and exchange rates, as well as the effects of climate change and extreme weather conditions. All of these have a direct impact on virtually all commodity prices. In June 2024, for instance, the general consumer price index in Latin America and the Caribbean increased by about 182 percent on average compared to the same month of the previous year. However, it does not affect every country the same way.In Venezuela, the food inflation rate reached an all-time high of 489 percent in March 2023, compared to the same month of the previous year. It has slowed down since, in October 2024, the inflation rate increased by 22 percent compared to October 2023. In contrast, in Costa Rica, the food inflation rate has been steadily decreasing since July 2023.
