Impact of higher dry bulk freight rates and global grain prices on consumer food prices

Higher dry bulk freight rates and grain prices are projected to contribute to an increase in consumer food prices. This increase will differ based on the economy of the affected country. While it is expected that this increase in consumer food prices will amount to 1.2 percent on the global scale, lower middle income countries will suffer the highest hike of all economies—about 1.4 percent. This is partly due to their reliance on bulk shipping for grain imports.

Projected impact of higher dry bulk freight rates and global grain prices on consumer food prices through 2023, by selected country groups

Country group	Price increase
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Release date

November 2022

More information

Region

Worldwide

Survey time period

2022

Supplementary notes

Low income countries are countries with a gross national income per capita of 1,085 U.S. dollars or less in 2021.
Lower middle income countries are countries with a gross national income per capita between 1,086 and 4,255 U.S. dollars in 2021.
Upper middle income countries are countries with a gross national income per capita between 4,256 and 13,205 U.S. dollars in 2021.
High income countries are countries with a gross national income per capita of 13,206 U.S. dollars or more in 2021.

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