July 2023 Global Price Watch

In West Africa, coarse grain prices decreased or remained stable in June in many markets amidst decreased institutional replenishments, the availability of off-season harvests, humanitarian assistance, and subsidized sales. Prices continued to increase significantly in Nigeria driven by the recent removal of fuel subsidies and the unification of exchange rates.

In East Africa, staple food prices declined seasonally or remained stable in most markets in Burundi, Uganda, Tanzania, Somalia, and southern South Sudan due to increasing supplies from the May-to-August harvest. Prices continued to increase seasonally in most markets in Kenya and Ethiopia as supplies tightened. Prices were mixed in Sudan, increasing in Khartoum and the western region because of disrupted supplies and declining in the east. Prices remained above average because of the high costs of production and marketing. Livestock prices varied with rangeland conditions.

In Southern Africa, maize prices decreased seasonally in most markets in June following an exceptionally strong summer harvest. Prices continue to trend well above the previous year and five-year averages, driven by increased production costs and depreciating exchange rates. Commodity prices increased sharply in Zimbabwe following the sharp depreciation of the national currency. Conflict and flooding in eastern DRC led to localized staple price increases, and Malawi experienced maize price increases due to below-average supply.

 In Central America, white maize and rice prices were stable in June due to adequate supply from imports and MY 2022/23 carryover stocks. Due to seasonal trends, red and black bean wholesale, and retail prices rose on average. In Haiti, local and imported prices moderately declined due to improved seasonal availability and moderate appreciation of the Haitian Gourde. In Venezuela, staple prices moderately increased in local currency and were stable in USD, as reduced oil revenues put downward pressure on the Venezuelan dollar.

In Central Asia, wheat prices were stable or declined slightly in June due to increased availability from ongoing harvests, humanitarian supplies, and above-average carryover stocks in Kazakhstan. In Pakistan, rapid rice price increases abated in June due to stabilization in the exchange rate, reduced export demand following lower international prices, and favorable harvest prospects.

International staple food markets were sufficiently supplied in June. Global staple food prices decreased due to recent harvests and increased production prospects. Crude oil and fertilizer prices decreased due to weaker demand and economic growth outlook. Prices were below the 2022 and above the five-year average.