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Food Price Monitoring and Analysis (FPMA) Bulletin #2, 10 March 2023

Monthly report on food price trends











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    International prices of all major cereals declined in March. World wheat prices fell significantly, reflecting ample supplies, strong export competition and the extension of the Black Sea Grain Initiative (BSGI). A mix of factors, including ongoing harvests in South America, expected record output in Brazil and currency depreciation in Argentina, led to a decline in maize prices. International rice prices also eased in March, weighed by ongoing or imminent harvests in major Asian exporters. FAO’s analysis of the latest available data shows domestic staple food prices, despite some declines, continue to be very high in many countries in March 2023. Seasonal harvest pressures in parts of East Asia and ample availability of wheat from major exporters in the CIS (Asia and Europe) supported month‑on‑month declines in some staple food prices. Conflict and civil insecurity remained an underlying driver of food price increases in Haiti, and parts of East and West Africa, while weather related shocks were key contributing factors in parts of East and Southern Africa. In many countries, currency weaknesses and high transport costs continue to support elevated prices of both domestically produced and imported food commodities.
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    Food Price Monitoring and Analysis (FPMA) Bulletin #4, 10 May 2023
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    International prices of wheat and maize declined in April 2023 while rice prices increased. Ample supplies, strong export competition and generally favourable crop conditions in the European Union weighed on wheat prices, while ongoing harvests in South America underpinned the decline in maize prices. Rice export quotations reversed most of the declines that they registered in March 2023. Domestic staple food prices were generally sustained at higher year-on-year levels in April 2023, in most of the countries monitored by FAO, attaining record highs in some cases. Conflict and insecurity, adverse weather and currency weaknesses remain key drivers. However, on a month‑on‑month basis, seasonal harvest pressures eased some staple food prices in parts of South America, Southern Africa, East Africa and East Asia, while high levels of wheat stocks continue to support softening wheat and wheat flour prices in CIS (Asia and Europe).
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    Food Price Monitoring and Analysis (FPMA) Bulletin #1, 10 February 2023
    Monthly report on food price trends
    2023
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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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