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June 2024 Global Price Watch

  • Price Watch
  • Global
  • June 28, 2024
June 2024 Global Price Watch

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  • Key Messages
  • Key Messages
    • In West Africa, cereal prices were stable or seasonally increasing from April to May 2024. Prices remained above the five-year average and were above their previous year’s levels in Niger, parts of Chad, and the Far North region of Cameroun. In Nigeria, the cost-of-living crisis characterized by unprecedented inflation rates, depreciation, and elevated fuel prices, continued to push staple prices upward. Prices are expected to peak in the next two to three months with the lean season and stay above average across the region (Page 3).
    • In East Africa, staple food prices showed mixed trends in May. Ample supplies stabilized prices in Ethiopia, Kenya, Tanzania, Uganda, and Burundi, while tightening supplies and high production costs drove up prices in southeastern Ethiopia, South Sudan, Sudan, and Somalia. In some markets, above-average harvests in Tanzania and Uganda exerted downward pressure on prices. However, the start of the lean season, conflict-related disruptions, and deteriorating economic conditions in Sudan and South Sudan caused rapid price increases. Despite short-term stabilization, high transport and production costs kept prices elevated across the region (Page 4).
    •  In Southern Africa, maize prices were mixed in May due to the varying effects of the El Niño-induced drought and recent regional harvests. Tanzania and South Africa showed price declines due to increased supplies and ongoing harvests. Due to constrained supply and high demand, Zambia, Zimbabwe, and Mozambique saw significant price increases year-over-year. In DRC, prices varied regionally, reflecting localized supply challenges and broader economic issues. The drought's impact on regional production is expected to maintain upward pressure on prices, with risks of inflation and currency depreciation potentially exacerbating food insecurity in the region (Page 5).
    • In Central America, white maize prices were steady, supported by imports and small volumes of 2023/24 carryover stocks. Black and red beans wholesale prices were stable following the recent apante harvest despite lower-than-expected outcomes in Nicaragua. In Haiti, security conditions improved after the establishment of the Presidential Council. Local and imported food prices were stable, reflecting seasonality and exchange rate trends. In Venezuela, local currency showed marginal variations fostering food price stability (Page 6).
    • In Central Asia, the export price of milling wheat in Kazakhstan remained stable for the fifth consecutive month. Wheat flour prices were mixed, declining in Afghanistan, Pakistan, and the SBA region of Yemen, but increasing slightly in Lebanon and the IRG region of Yemen(Page 7). 
    • International markets were well supplied, with stable prices across most commodities, except for wheat which rose this month. Wheat prices increased in the US, European Union, Canada, Black Sea, Australia, and Ukraine. Rice prices held steady with the arrival of the second (rabi) crop, despite Brazil's production concerns. Although soybean supply was adequate, flooding in Rio Grande do Sul, Brazil disrupted harvesting and port deliveries, impacting market sentiment. Robust Chinese purchasing supported Brazilian soybean offers. Conversely, wheat prices rose sharply due to growing production concerns in the northern hemisphere, particularly around the Black Sea. Global crude oil prices fell following the extension of OPEC+ production cuts, while fertilizer prices were stable driven by tight conditions in China's domestic market (Page 2).

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    Recommended citation: FEWS NET. June 2024 Global Price Watch May 2024 Prices: 2024.
     

    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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