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Food Price Monitoring and Analysis (FPMA) Bulletin #9, 11 November 2022

Monthly Report on Food Price Trends

Year of publication 2022

Place of publication Rome, Italy ;

Pages 24

Author FAO

Publisher FAO ;

Product type Journal, magazine, bulletin

Series title FPMA Bulletin

Series number sep/22

Synopsis (short abstract) International prices of all major cereals increased in October. Uncertainty regarding the Black Sea Grain Initiative and production concerns in some major exporting countries were the main drivers behind the month-on-month increases for both wheat and maize world prices. International rice prices also rose in October, although subdued import demand tended to limit the increases. According to FAO’s most recent analysis, domestic staple food prices in October remained at higher levels year-on-year in most monitored countries, though, compared to the previous month, prices softened in areas where harvests were recently concluded or ongoing. The underlying drivers of the higher year-on-year domestic food prices continue to include, among others, higher world prices, reduced domestic supplies of some commodities, national macroeconomic difficulties, currency depreciations, adverse weather conditions, insecurity as well as near-record to record high energy and fertilizer prices.

Language English

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    International prices of grains increased sharply again in October, driven by reduced production prospects, tighter inventories and strong import demand. By contrast, international prices of rice fell further with the start of the main crop harvests and lacklustre demand. In East Africa, prices of coarse grains followed mixed trends in October, tracking seasonal patterns. In most countries, prices were around or below their year-earlier levels, except in the Sudan and South Sudan, where they reached new record highs in several markets.  The impact of insufficient supplies and macro‑economic challenges were compounded by a further recent depreciation of the currency in South Sudan and by flood‑related trade disruptions in the Sudan. In West Africa, with the beginning of the 2020 harvest, the upward surge of prices of coarse grains in Nigeria halted, but prices remained well above their historical levels as a result of the difficult macro-economic environment and the disruptive impact of COVID-19-related restrictive measures to the supply chains.
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