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April 2023 Global Price Watch

  • Price Watch
  • Global
  • April 30, 2023
April 2023 Global Price Watch

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  • Key Messages
  • Key Messages
    • In West Africa, cereal prices were stable or increased seasonally driven by depletion of household stocks and strong demand during Ramadan. Cash scarcity amidst the currency swap in Nigeria maintained reduced market activity and caused some atypical monthly decreases. Overall, staple food prices remain above the five-year average across the region, although below the previous year's average in several areas due to improved production. Prices are projected to stay above average through the end of the marketing year (MY).

    • In East Africa, staple commodity price trends were mixed. Prices increased across most markets or remained stable at high levels in Kenya, Ethiopia, South Sudan, Sudan, Burundi, and the main consumption markets in Tanzania as supplies tightened. Prices were stable at lower levels or declined in Somalia and the main producing markets in Tanzania. Livestock prices remained mixed based on the availability of water and fee.

    •  In Southern Africa, maize prices were mixed in March, as the transition from lean to harvest seasons has had varied effects on trade flows and market supply. Prices remained, however, above 2022 levels due to increased production costs and reduced stocks. Cyclone Freddy caused severe damage to crops and transport infrastructure, particularly in Malawi and Mozambique, driving food inflation increases. Maize grain prices across the region are expected to decline in April as the summer harvests begin in Southern Africa.

    • In Central America, maize prices were stable across most markets in March, driven by the availability of carryover stocks. Black bean and rice prices were stable, following international market trends. In Haiti, increased availability of imported rice and cooking oil drove prices down in March; however, local grain and vegetable prices continued to increase due to poor harvests. In Venezuela, food prices in VED moderately increased due to lower currency depreciation, while prices in USD were stable from improved purchasing power in foreign currency.

    • In Central Asia and Yemen, staple food prices continued to show mixed trends. In March, imported wheat flour decreased in Afghanistan, while in Uzbekistan and Kazakhstan prices of first grade wheat flour remained stable in February (the most recent public data) after a steady upward trend throughout most of 2022. In Yemen, wheat flour prices were stable in Aden compared to February while decreasing in Sana’a City.

    • International food markets were sufficiently supplied. Global staple food prices decreased due to recent harvests. Crude oil prices decreased due to lower demand, while fertilizer prices decreased due to lower demand and lower global gas prices. However, prices remain above the five-year average.

    Price Watch offers a monthly summary and outlook on global, regional and national trends of key commodity prices in FEWS NET countries. Analysis may touch on global issues, such as fuel prices or exchange rates, if they are likely to influence staple food prices in FEWS NET countries. The accompanying Price Watch Annex details price trends by country.

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