FAO – Monthly Report On Food Price Trends, Mar 2024

In February 2024, international prices of major cereals such as wheat, maize, and rice declined due to ample supplies and strong competition among exporters. However, domestic staple food prices remained high in most countries due to extreme weather events, conflicts, and weak national currencies. Shipping disruptions in key areas could further increase inflation in domestic markets. Maize prices decreased the most internationally, driven by expectations of large harvests in countries like Brazil and Argentina. Wheat prices also dropped, influenced by a decline in Russian prices. Rice prices also decreased globally, with notable changes in countries like Viet Nam and Thailand. Despite some fluctuations, the overall trend in international food prices in February was downwards.