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October 2023 Global Price Watch

  • Price Watch
  • Global
  • October 31, 2023
October 2023 Global Price Watch

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  • Key Messages
  • Key Messages
    • In West Africa, coarse grain prices in the Sahel were stable or increased in September amidst the lean season. Staple prices in Niger increased due to the reduced grain availability caused by ECOWAS-led sanctions. Prices in eastern Chad increased due to strong demand from the influx of refugees from conflict-affected Sudan. Nigeria's annual inflation continued to accelerate owing to the removal of fuel subsidies and the depreciation of Naira.
    • In East Africa, staple commodity prices were stable across most markets due to ample supplies from the average to above-average July-to-August harvest, expectations of above-average October-to-December harvest, and regional trade, which was at reduced levels because of above-average production in the main consuming deficit-producing countries. Livestock prices remained stable due to good rangeland conditions. Staple food prices remained above average because of persistent currency depreciation, high fuel prices, and conflict-related disruptions.
    • In Southern Africa, maize prices were mixed due to the effects of exchange rate fluctuations, seasonal stock depletion, and international market trends. Prices remained above the five-year average due to high production and import costs. In Zambia and southern Malawi, constrained supplies and weakening currencies drove significant price increases for maize grain. Conversely, South Africa showed signs of improved domestic supply, reflected in lower year-over-year prices.
    • In Central America, maize prices were stable on average as staggered primera harvesting offset expected seasonal declines. Black bean prices were stable, and red bean prices declined for the second consecutive month. In Haiti, local yellow maize and black beans declined following the spring harvest. Imported food prices were stable due to currency stability. Insecurity and tensions with the neighboring Dominican Republic impacted market function in select regions. In Venezuela, cereal prices remained steady due to currency stability.
    • In Central Asia, the price of wheat was stable in most countries due to recent harvests, carry-over stocks, and stable domestic currencies, whereas the prices of rice and sugar increased in line with the global trends triggered by tightening rice and sugar markets. Staple food commodities in Yemen were stable due to steady imports.
    • International markets were sufficiently supplied. Global rice and maize prices increased slightly due to strong demand, export restrictions, and concerns about the effects of El Niño on production MY2023/24. Crude oil prices increased due to reduced supply, and fertilizer prices increased due to stronger demand. Prices were below the 2022 and above the five-year average.

    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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