The World Bank has revealed that global food prices increased by five percent within two months following the near-total closure of the Strait of Hormuz after tensions escalated in the Middle East earlier this year.
According to the World Bank’s latest analysis, the rise pushed food prices to their highest level since January 2024, raising fresh concerns about inflation and food security across several regions of the world.
The report stated that the biggest increase was recorded in oils and meals, which surged by 10 percent during the period.
The World Bank linked the sharp rise to increasing crude oil prices and stronger biofuel demand in countries such as Indonesia, Thailand, and the United States.
Grain prices also recorded moderate growth, rising by three percent despite what the bank described as “ample global supplies.”
Wheat and maize prices reportedly increased due to drought concerns and rising production costs.
Although food prices have gone up globally, the World Bank noted that the current increase remains lower than the massive food crisis witnessed during the early stages of the Russia-Ukraine war in 2022.
At that time, food prices reportedly jumped by about 15 percent within a similar two-month period.
“Even so, the food price response has been far more contained than in early 2022,” the World Bank stated.
The report explained that the present crisis is being driven mainly by rising energy and production costs rather than direct disruptions to major food export routes.
The World Bank also warned that food inflation is becoming more severe in import-dependent regions, especially in the Middle East, North Africa, Afghanistan, and Pakistan.
According to the analysis, Gulf economies experienced rising inflation after supply routes through the Strait of Hormuz were disrupted.
Iran was highlighted as one of the most affected countries, with food inflation already approaching 98 percent as of February 2026.
The report further noted that food inflation is gradually increasing in parts of Europe, Central Asia, Latin America, the Caribbean, and South Asia.
Looking ahead, the World Bank projected that food prices could continue rising in 2026 if supply disruptions and high energy costs persist.
The organisation warned that prolonged instability could worsen global hunger levels, with the United Nations World Food Programme estimating that up to 45 million additional people may face acute hunger this year if the crisis continues.
More than half of those at risk are expected to be in Sub-Saharan Africa and parts of the Middle East and North Africa.
The latest report has already sparked concerns worldwide as many countries continue battling inflation, economic hardship, and rising living costs.
Source: World Bank food commodity market analysis.
