The report, released on March 27, found that rice and corn prices had fallen by 1% and wheat prices by 2% during that period. World Bank said corn and wheat prices are 13% and 34% lower, respectively, from their peaks just over a year ago, shortly after the war between Russia and Ukraine began. However, rice prices are 17% higher year-on-year.

The report said data from between October 2022 and February 2023 shows high food inflation in almost all low- and middle-income countries, with inflation levels above 5% in 88% of low-income countries, 93% of lower-middle-income countries, and 89% of upper-middle-income countries, and many experiencing double-digit inflation.

In addition, about 86% of high-income countries are experiencing high food price inflation. The countries affected most are in Africa, North America, Latin America, South Asia, Europe, and Central Asia.