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November 2023 Global Price Watch

  • Price Watch
  • Global
  • November 30, 2023
November 2023 Global Price Watch

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  • Key Messages

  • Key Messages
    • In West Africa, coarse grain prices in the Sahel were stable or decreased in October with the onset of the harvests. Nigeria’s annual inflation continued to climb due to the removal of fuel subsidies and the persisting depreciation of the Naira. Prices trended above both the previous year and five-year averages due to below-average harvests, above-average demand for replenishments, increased transaction costs, insecurity, a deteriorating macroeconomic environment, and persisting trade restrictions or bans across countries.
    • In East Africa, staple prices declined or remained stable in key reference markets in Kenya, Sudan, and South Sudan, as well as production markets in Ethiopia, following increasing supplies from the October-to-December harvest; and in Tanzania and Uganda due to above-average harvest and low demand, respectively while livestock prices increased or remained stable at elevated levels. Persistent currency depreciation and high global fuel prices increased regional food commodity prices.
    • In Southern Africa, maize prices were mixed in October due to the variable effects of exchange rate fluctuations, seasonal stock depletion, and international market trends. South Africa saw a continued price increase due to strong global demand, yet maintained lower year-over-year prices indicating ample domestic supply. Zambia, Malawi, and Zimbabwe faced higher prices due to currency devaluation and supply constraints. Looking ahead, the region anticipates rising food prices during the lean season due to reduced stocks and ongoing economic challenges. Central banks are considering interest rate hikes in response to persistent inflation.
    • In Central America, maize prices were stable or marginally declined following seasonal trends. Black bean prices remained stable, and red bean prices showed mixed trends due to adverse weather and uneven primera harvest. In Haiti, local grain prices were stable, and currency recovery continued to support import availability and prices, while heightened insecurity impacted distribution and market operations. In Venezuela, staple prices remained steady as increased USD availability supported reduced currency variations.
    • In Central Asia, the export price of wheat grain increased for the second month in Kazakhstan due to anticipated low supply of high-quality wheat grain. The prices of wheat remained stable in Afghanistan and Yemen, while the price
      of cooking oil declined marginally due to improved market supply.
    • International markets were adequately supplied in October. Rice prices decreased following India’s partial resumption of exports. Global fertilizer prices increased driven by increases in natural gas prices which pushed up the prices of ammonia.

    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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