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Food Price Monitoring and Analysis (FPMA) Bulletin #1, 13 February 2024

Monthly report on food price trends











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    International prices of wheat fell again in January, as the short-term outlook for global supplies continued to improve, in particular following latest estimates of larger 2022 outputs in Australia and the Russian Federation than earlier expected. By contrast, international coarse grain prices firmed marginally, mostly reflecting the continued strong demand for maize supplies from Brazil. For rice, tighter availabilities, strong local demand in some Asian exporting countries and exchange rate movements increased international prices at an accelerated pace in January. FAO’s analysis of domestic staple food prices indicates that significantly high price levels persisted in December 2022 and January 2023, despite some evidence of easing from 2022 peaks for selected countries, including parts of Southern Africa and West Africa. Food access constraints will likely continue in the near term, amid fragile social and economic conditions in several areas, especially in the Horn of Africa. Developments in the global market, along with other concurrent shocks, including adverse weather events, conflicts and macroeconomic challenges such as currency weaknesses, will continue to influence domestic staple food price trends.
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    In January 2025, global maize prices increased while both wheat and rice prices declined, with wheat experiencing only a marginal decrease. Maize prices were influenced by unfavourable planting conditions in Argentina and Brazil along with tight supplies in major exporting countries. Wheat prices edged only slightly lower as weak import demand weighed against tight export supplies, especially from the Russian Federation. Meanwhile, international rice prices declined, amid ample exportable supplies and increased competition among exporters. FAO’s analysis of the latest available domestic food price data shows persistently high year-on-year prices in many countries in December 2024 and January 2025, despite month‑on-month price declines in countries with ongoing or recently-concluded harvests. In Far East Asia, rice prices were at near-record levels in Myanmar and the Philippines, partly due to unfavourable harvest prospects and high input costs. In East and West Africa, prolonged conflicts and macroeconomic challenges kept prices of key staples significantly elevated in some countries. In Southern Africa, tight domestic supply conditions drove white maize prices to new record highs in several countries.
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    Food Price Monitoring and Analysis (FPMA) Bulletin #2, 13 March 2024
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    International prices of all major cereals declined in February 2024. Ample supplies and strong competition among exporters underpinned a decline in wheat and maize prices. International rice prices also dropped as, aside from Indonesian purchases, fresh import demand remained broadly low and new crop harvests began in some exporting countries.In most countries monitored by FAO, domestic staple food prices remained high in February 2024. Extreme weather events, conflicts and insecurity have remained key underlying drivers of high prices. Weak national currencies are limiting pass‑through effects to domestic markets from the declines in international cereal prices. Shipping disruptions in the Panama Canal and the Red Sea could create additional inflationary pressures on domestic food markets in the short term through higher food import costs.

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