Food Price Monitoring and Analysis (FPMA) Bulletin #5, 11 June 2024
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FAO ;
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International prices of all major cereals increased in May 2024. Significant increases were registered for wheat export prices, reflecting concerns about the impacts of unfavourable crop conditions in major producing countries, while maize export prices rose due to various factors. The FAO All Rice Price Index also increased in May, driven by higher Indica quotations. In many countries monitored by FAO, domestic staple food prices remained at high levels in April and May 2024, underpinned by adverse weather events, conflict-related disruptions to supply chains and macroeconomic difficulties contributing to high food distribution costs. The lingering effect of prolonged conflict and insecurity remained a major driver of the high food prices in Haiti, Myanmar, South Sudan, the Sudan and Sahelian countries. In Southern Africa and Argentina, the anticipated year-on-year decline in the maize output sustained upward pressure on prices, amidst ongoing harvests. In South America and Far East Asia, rice prices were generally higher year-on-year in the major producing countries despite seasonal harvest downward pressure.