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February 2024 Global Price Watch

  • Price Watch
  • Global
  • February 28, 2024
February 2024 Global Price Watch

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  • Key Messages
  • Key Messages
    • In West Africa, staple food prices in January were mixed. Coarse grain prices in the Sahel stabilized or decreased, except in Chad's conflict-stricken areas, while remaining above average due to low supply and increased production and transport costs, among other factors. In Nigeria, food inflation continued to rise due to high fuel prices, currency depreciation, and conflict. Prices in Togo and Cameroon showed stability or increases, influenced by demand and market dynamics.
    • In East Africa, locally produced staple food prices decreased in Burundi, Somalia, and Tanzania due to increased supplies from recent harvests. In contrast, prices were stable in Ethiopia, Uganda, Kenya, and South Sudan. Prices increased seasonally in some areas due to high demand and conflict-related disruptions in Sudan. Livestock prices remained stable or increased in most East African markets due to improved body conditions, reduced supply, and improved security in northern Uganda.
    • In Southern Africa, maize prices were mixed in January due to the varying effects of tightening supplies and softening international markets. While most markets had price increases due to tight supplies and higher production costs, others reported stable or decreasing prices owing to sufficient domestic supplies and reduced export demand. The ongoing strong El Niño has led to below-average rainfall across most of the region, negatively impacting crop development conditions. 
    • In Central America, white maize supply was average, and prices remained stable in January. Red bean prices declined from January 2023 levels owing to improved availability from postrera 2023 harvest and overall favorable conditions for the upcoming apante season. In Haiti, heightened insecurity and violence significantly disrupted market operations and trade in Port-au-Prince, but food prices remained stable on average. In Venezuela, monthly inflation eased for the fourth consecutive month and the VED was stable, supporting food price stability in local and foreign currency.
    • The average prices of wheat and wheat flour in Central Asia, including Kazakhstan, Kyrgyzstan, Tajikistan, Pakistan, and Afghanistan, as well as in Yemen, have seen a slight decline. This is due to the increased supply of low-priced wheat from Russia and stable supply from the Black Sea region.
    • International markets were well supplied, and export prices for wheat, maize, and soybeans reached their lowest points in two years. In contrast, rice prices, driven by El Niño-induced production shortages and India’s export restriction, increased by nearly one-third compared to the previous year.

    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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