FAO – Monthly Report on Food Price Trends, Apr 2024

In March 2024, international wheat prices decreased due to ample supplies and competition on global markets, while global maize prices slightly increased. International rice prices also fell because of low import demand. Many countries experienced high domestic staple food prices in February and March 2024, with conflict and insecurity affecting food production in some regions. Drought in Southern Africa impacted cereal harvest prospects, leading to price spikes. On the other hand, falling international prices and good harvests reduced domestic wheat prices in certain regions. Currency weakness contributed to higher food prices in parts of Africa. Wheat prices decreased for the third consecutive month, while maize prices slightly rose due to buying interest from China and logistical issues in Ukraine. Rice prices decreased as supply outweighed demand in major Asian exporters. Overall, the FAO All Rice Price Index dropped by 1.7 percent in March 2024.