Economics
Africa Faces Unrest as Thumping Food Prices Hit It Hardest
- Nations unable to cushion the blow are most at risk of unrest
- Global index shows food prices are holding near a record high
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Surging international food prices will hit Africa’s economies the hardest and may trigger social unrest if governments fail to cushion the blow, according to a report by Oxford Economics Africa.
Food has a heavier weighting in the inflation baskets of African nations than advanced economies -- often exceeding 25% due to purchasing patterns. Some countries including Ethiopia, Zambia, Sudan, and Nigeria have food weightings above 50%, economists Jacques Nel and Petro van Eck said in a research note.