May 2023 Global Price Watch

In West Africa, coarse grain prices increased seasonally as household stocks depleted and reliance on markets increased. Prices in coastal countries also trended above average due to strong demand, elevated international prices, high production costs, and lower exchange rates. In Nigeria, macroeconomic challenges persisted, with inflation reaching an 18-year high.

In East Africa, staple food prices increased seasonally across most markets in Ethiopia, Uganda, South Sudan, Sudan, and Burundi as stocks tightened, whereas prices in Kenya remained stable but high due to reduced demand and anticipation of regional supplies. Prices decreased in Tanzania due to anticipation of the May-to-August harvest. The supply chain of staple food commodities has been severely disrupted across key market corridors in Sudan due to active clashes and general insecurity.

In Southern Africa, maize prices decreased in most markets in April, following seasonal trends. However, volatile economic conditions and recent climatic shocks drove increases in some markets in DRC, Zimbabwe, and Malawi. Prices remained above 2022 levels due to increased production costs and reduced stocks. Expectations for the ongoing maize harvests across the region are mixed. While South Africa expects a bumper harvest, sporadic dry spells and economic conditions in Zambia, Zimbabwe, and Madagascar are expected to drive reduced harvest.

In Central America, staple food prices were largely stable in April as carryover stock availability offset seasonal trends. Due to increased production costs and international market trends, white maize, rice, and black bean wholesale and retail prices remained above the five-year average. In Haiti, local food prices increased due to reduced demand and rising transportation costs, while imported food prices were stable due to exchange rate trends. In Venezuela, USD food prices were mostly stable due to steady supply but remained well-above-average levels.

In Yemen and most of Central Asia, staple food prices declined slightly in April. In Pakistan, however, wheat flour and basmati rice prices increased, driven by the depreciation of the Pakistani rupee and high export demand, respectively. The downward price trend in the rest of Central Asia is driven largely by steady supply from Kazakhstan.

International staple food markets were sufficiently supplied. Global staple food prices decreased due to recent harvests. Crude oil prices decreased due to reduced demand, and fertilizer price trends were mixed. However, prices remained above the five-year average.