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Food Price Monitoring and Analysis (FPMA) Bulletin #3, 14 April 2023

Monthly report on food price trends











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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 #2, 10 March 2023
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    After edging down for the past three months, international prices of wheat firmed marginally in February, mostly reflecting strong demand and concerns over dry weather conditions in some major exporters. World maize prices were nearly unchanged in February, with mixed price trends among the major exporters. International rice prices eased in February, amid exchange rate movements and a slowdown in trading activities in most major Asian exporters. Latest analysis by FAO shows that domestic staple food prices generally remained at elevated levels in February 2023. Seasonal factors and price transmission from the recent weakening of international grain prices supported month‑on‑month declines in some staple food prices in parts of East Asia, South America, Southern Africa and West Africa. Nonetheless, in many countries, conflict, adverse weather events and macroeconomic challenges, particularly currency weakness, continue to drive up local prices.
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    Food Price Monitoring and Analysis (FPMA) Bulletin #5, 14 June 2023
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    International prices of wheat and maize continued to decline in May, while rice prices increased further. The downward trend in wheat prices was mostly due to ample global supplies and subdued import demand, while an expected record crop in Brazil and higher production in the United States of America were largely behind the decline in maize prices. The extension of the Black Sea Grain Initiative also contributed to softening world prices. By contrast, international rice quotations continued their upward trend in May, as previous deals with Asian buyers were executed and supplies tightened in some exporters, such as Viet Nam and Pakistan. In most countries monitored by FAO, domestic staple food prices in May 2023 remained above their year‑earlier levels. Conflict and insecurity, adverse weather, high prices of agricultural inputs, elevated distribution costs as well as currency weaknesses continue to be the major drivers. Coarse grain prices remained considerably high in East and West Africa, while harvests eased the pressure on maize prices in Southern Africa and South America. In Eastern Europe, Caucasus and Central Asia countries and East Asia, ample stocks and supplies from ongoing harvests contributed to the softening of wheat and wheat flour prices. Meanwhile, in East Asia, domestic rice prices increased in major exporting countries despite harvest pressures weighing on prices in other countries of the subregion.

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