Unpacking the Inflation Basket: A Systematic Literature Review of Key Determinants of Rising Food Prices and their Global Impact

Food price inflation is a pervasive global issue with significant negative consequences worldwide. Consumers are particularly burdened by rising living costs, particularly concerning essential necessities such as food, which see alarming yearly price increases. Despite the diverse factors contributing to food price inflation varying from nation to nation, these determinants remain under explored. This systematic literature review aims to investigate the factors influencing food price inflation using the Preferred Reporting Items for Systematic Review and Meta-Analysis (PRISMA) methodology. The review process involves identification, screening, eligibility assessment, and inclusion, adhering to PRISMA Flow Diagram and utilizing database such as Emerald Insight, Science Direct and Google Scholar. Out of 135 articles initially identified, 48 were selected for the synthesis process. The analysis revealed ten key factors, categorized into internal and external themes. These factors include demand and supply dynamics, exchange rates, elevated oil prices, household income, agricultural shocks, price shocks, food crises, population growth, pandemics, and political factors. Understanding these determinants provides valuable insights for organizations and policymakers to develop strategic responses, supporting the National Food Security Policy Action Plan 2021-2025.