The World Bank reports that inflation has risen in most developing countries since Russia's military occupation of Ukraine and has plunged some of the wealthiest countries into a cycle of rising prices.

According to the institution, the war in the Eastern European part will hit many countries with a rise in bills, while other countries would fail to contain the impact and plunge into a major debt crisis.

Lebanon was one of the countries hardest hit by inflation after an explosion at a grain factory in Beirut two years ago damaged the country's ability to store and distribute corn and wheat to its 6.8 million people.

Inflation reached 332 percent followed by Zimbabwe with an increase of 255 percent and Venezuela with 155 percent.

Turkey was fourth with a 94 percent increase in food inflation.

An agreement last month between Ukraine and Russia, brokered by Turkey and the United Nations, to allow container ships carrying grain to leave Ukrainian ports helped lower commodity prices.

The WB data showed a drastic change in grain prices on world markets and a decline in the value of agricultural products approaching last year's levels.

Last week, Bangladesh appealed to the International Monetary Fund (IMF) for financial support as increases in imported food and energy costs threatened to undermine the South Asian nation's economy.

The country is thought to need about $4.5 billion, but only $1 billion to $1.5 billion is available.

Low food prices have dominated world growth in recent decades, offset by high debt service costs and fuel imports for developing countries.

However, the World Bank said the shocking rise in food prices in recent months is affecting most economies, including those with relatively high incomes.

Finally, the WB also warned major wheat producers such as France, Spain and Italy will have to adapt to rising temperatures and uncertain weather conditions driven by the climate crisis to maintain high production levels.

/Telegraph/