Skip to main content

August 2023 Global Price Watch

  • Price Watch
  • Global
  • August 31, 2023
August 2023 Global Price Watch

Download the Report

  • Key Messages
  • Key Messages
    • In West Africa, staple prices were stable or increased amidst the lean season marked by low supplies and the peak of market reliance. Overall, prices trended above the five-year average due to above-average depletion of stocks, insecurity, and trade restrictions or export bans in the Sahel, strong demand, elevated international prices, and lower exchange rates in the coastal countries of the Gulf of Guinea. Moreover, ECOWAS-led economic and trade sanctions on Niger following the military takeover of power caused recent price surges.
    • In East Africa, staple commodity prices were either stable or declined in key reference markets in Uganda, South Sudan, Kenya, Ethiopia, Burundi, and Somalia due to increased supply from the May-to-August harvest, and conflict-related reduced demand in Sudan. Prices remained elevated due to below-average production, local currency depreciation, and conflict-related trade disruptions.
    • In Southern Africa, maize price trends were mixed. Prices increased in southern and eastern DRC, southern Malawi, and Zambia. Prices decreased in production zones across southern Tanzania and Zimbabwe. Maize prices were stable in western DRC, and southern Mozambique, and Madagascar. Most domestic currencies in the region continued to weaken against the dollar. 
    • In Central America, maize and rice prices were stable except for Nicaragua, where speculation and expectation of unfavorable climatic conditions put upward pressure on prices. Red bean prices remained steady, and black bean prices strengthened following seasonal trends. In Haiti, currency appreciation and improved local supply after the spring harvest led to price declines. In Venezuela, the VED slightly depreciated, resulting in food price stability.
    • In Central Asia, wheat flour prices increased in distant consumption markets in Afghanistan and in Pakistan due to currency depreciation but were stable across other markets in the region due to ample market supply, low international wheat prices, and stable fuel prices. Staple commodity price trends were mixed in Yemen as prices in IRG areas were stable but increased in SBA areas.
    • International staple food markets were sufficiently supplied. Global staple food prices increased due to the Black Sea Initiative ending and export restrictions, mainly in rice. Crude oil prices increased due to controlled supply, and fertilizer prices were mixed. Prices were below the 2022 and 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.

    Get the latest food security updates in your inbox Sign up for emails

    The information provided on this Website is not official U.S. Government information and does not represent the views or positions of the U.S. Agency for International Development or the U.S. Government.

    Jump back to top