Similarly, food prices are expected to increase by an additional 14 percent in 2022, after reaching historical highs in 2021, he wrote. Azour noted that the surge in oil prices comes at a precarious time for the region’s recovery. Food prices accounted for about 60 per cent of last year’s increase in headline inflation in the Middle East and North Africa, excluding the countries of the GCC. Overall, rising food prices and potential wheat shortages affect the poor more because they allocate a higher share of their expenditure to food. This will add to poverty and inequality and heighten the risk of social unrest,” the IMF official said.

Source: The North Africa Journal May 29, 2022 15:03 UTC