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Food Price Monitoring and Analysis (FPMA) Bulletin #6, 12 July 2024

Monthly report on food price trends

Year of publication 2024

Place of publication Rome, Italy ;

Pages 20

Author FAO

Publisher FAO ;

Product type Journal, magazine, bulletin

Series title FPMA Bulletin

Series number 06/2024

Synopsis (short abstract) International prices of all major cereals eased in June 2024. The decline in global wheat export prices mostly reflected downward pressure from seasonal supplies in the Northern Hemisphere while the fall in maize export prices was underpinned by seasonal increases in the supplies from Southern Hemisphere countries, along with favourable production prospects in the United States of America. International rice prices posted a modest decline in June, largely reflecting generally quiet trading activities. In several countries monitored by FAO, domestic staple food prices persisted at high levels in May and June 2024. Ongoing conflicts and high levels of insecurity disrupted trading activities and supported high prices of cereals in Haiti, Myanmar, South Sudan, the Sudan and some Sahelian countries. In Southern Africa, prices of maize, the main food staple, also remained at elevated levels in countries where widespread and intense drought resulted in well below-average harvests in 2024. Weak national currencies and high transport costs sustained inflationary pressure on domestic food markets and food import costs in several countries.

Language English

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    International prices of all major cereals declined in June. Seasonal supplies put downward pressure on both wheat and maize prices, with wheat harvests starting in the Northern Hemisphere and maize harvests continuing in the Southern Hemisphere. Rice prices also declined amid subdued demand for non-Indica rice and efforts to attract export sales in Pakistan. In most countries monitored by FAO, domestic prices of basic foods in June 2023 remained above their year‑earlier levels. High prices of coarse grains persisted in East and West Africa, while seasonal pressure supported declines in maize prices in Southern Africa and South America. In Eastern Europe, Caucasus and Central Asia countries and East Asia, ample carry-over stocks and new supplies from ongoing harvests are contributing to softer wheat and wheat flour prices. Meanwhile, in East Asia, domestic rice prices were generally stable across the subregion but increased in major exporting countries. Conflict and insecurity, adverse weather, high prices of agricultural inputs, elevated distribution costs as well as currency weaknesses continue to be the major drivers.
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