The Market Monitor, Issue 49 - October 2020

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In 03-2020, the costs of food baskets increased 'severely' in 11 countries. Following the multiple shocks from monetary crisis to social unrest coupled with the pandemic, Lebanon was the worst affected country. Syria recorded the second highest increase due to depreciating Syrian pound compounded by hampered food supplies.

While restrictive measures against the pandemic generally contributed to rising food prices across the other nine countries, other notable factors included: civil insecurity (Chad, Niger, Ourkina Faso) and debilitating local currency (Nigeria, Sudan, South Sudan, Ethiopia, Colombia).

In 03-2020, Venezuela continued to record the highest quarter-on-quarter headline inflation at 93.3%, while Lebanon marked again the highest food inflation reaching 90.3% amid economic turmoil. Over the same time period, the Zimbabwe dollar and Venezuelan bolivar lost 64.2% and 42.8% of their value, respectively.