Food Price Monitoring and Analysis (FPMA) Bulletin #7, 14 September 2023
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Seasonal supplies continued to weigh on the world prices of wheat and maize in August 2023, as their harvesting operations were concluded in the Northern and Southern Hemisphere, respectively. By contrast, international rice prices rose to their highest level in 15 years, in nominal terms, largely reflecting trade disruptions registered in the aftermath of India’s July ban on Indica white rice exports.
In most countries monitored by FAO, domestic prices of basic food commodities persisted at year-on-year higher levels in July and August 2023 due to the impact of conflict and insecurity, adverse weather, high prices of agricultural inputs, elevated distribution costs and currency weaknesses. On a monthly basis, domestic rice prices increased seasonally in most countries in East Asia, while supplies from 2023 harvests supported a decline in maize prices in Southern Africa and South America. In Eastern Europe, Caucasus and Central Asia countries and in East Asia, ample carryover stocks and supplies from recent harvests underpinned month-on-month declines in wheat and wheat flour prices.