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10 countries that spend the most and least money on food - Nigeria tops the list

A proof of a thriving or dying economy is the percentage of citizens' income that is spent on food.

Countries that spend the most/least money on food [shuttershock]

Countries that spend less of their income on food

According to the U.S. Department of Agriculture Economic Research Service, Americans spend only 6.6% of their income on food. However, if you eat out regularly, they’ll spend 11% of their income on food.

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This Southeast Asian country spends the least money on food, according to research conducted by e-commerce company Picordi in 2023. They stated that Singaporeans spend only 8.4% of their monthly income on food.

Despite the rising costs of living in the United Kingdom, food is relatively cheap. According to reports, people who live in the UK only spend 8.7% of their income on food.

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According to the World Economic Forum, Ireland is one of the cheapest countries to eat, with residents and citizens spending only 9.6% of their income on food.

The Swiss also spend less money on food than most countries. Picordi reports that 9.9% of their income is spent on food.

Unfortunately, many of the countries that spend the most money on food are in Africa, highlighting the deep poverty in the region. The high cost of importation and poor agricultural practices account for this.

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As of 2023, Nigerians spend about 59% of their income on food. This is due to the rising cost of food inflation. Nigeria’s annual inflation rate rose to 29.90% in January from 28.92% in December 2023, according to the National Bureau of Statistics—even the World Economic Forum has stated that Nigerians spend the most money on food.

Myanmar is a Southeast Asian country with more than 100 ethnic groups, bordering India, Bangladesh, China, Laos, and Thailand. The food inflation in Myanmar is also pretty high—56.6%.

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Kenya was closer to Nigeria when it came to expensive food resources, but they have been displaced by Myanmar and are now the third country that spends the most on food. An average Kenyan spends 56.1% of their income on food.

Bangladesh is a country in South Asia. According to various reports, food prices are quite high in this country. The people in this country spend 52.7% of their income on food.

This is a landlocked country in Southeast Asia. People in this country spend at least 50.6% of their income on food.

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With wars, natural disasters, conflicts, and recessions happening globally, food inflation has increased this year. According to the World Economic Forum, here are 10 countries with the highest rate of food inflation:

  1. Zimbabwe: 245%
  2. Venezuela: 158%
  3. Lebanon: 143%
  4. Argentina: 95%
  5. Turkiye: 77%
  6. Ghana: 60%
  7. Sri Lanka: 59%
  8. Rwanda: 59%
  9. Suriname: 55%
  10. Haiti: 53%

Farmers need to grow more food, exports and imports need to make food trade between countries easier, poor people need to be protected when food prices go up, and investments need to be made so that food supplies stable are when conflict, climate change, diseases, and pests cause disruption.

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