Situation in the Middle East and North Africa
The Ukraine war has strongly impacted food prices in parts of the Middle East and North Africa. Ukraine was one of the leading grain suppliers for the region. The Middle East and Africa have experienced the most considerable increase in consumer price inflation worldwide in the past few years. Sudan had the highest consumer price increase in the Middle East and North African region, with 2,913 percent. Lebanon followed this with 1,574 percent. While the consumer price inflation rate in the entire MENA region was, on average, 7.3 percent between 2000 and 2018, it is currently over 12 percent .Outlook
In early 2023, it was projected that the consumer price inflation worldwide and in the Middle East and North Africa would decrease in the coming years. However, due to the outbreak of the Israel-Hamas war in late 2023, this projection may need to be revised . There are concerns, that the current war in the Middle East could impact global trade, as well as the crude oil supply. Which in return would impact the global inflation.
