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