FAO – Monthly Report on Food Price Trends, Nov 2023

In November 2023, the FAO released its monthly report on food price trends, which highlighted a decline in international cereal prices. Specifically, wheat prices were influenced by the low and falling prices from the Russian Federation, leading to a decrease in overall prices. Additionally, international rice prices dropped by 2 percent in October, mainly due to a lack of global import demand. In contrast, coarse grains experienced an increase in prices, as the price increases in Argentina outweighed the lower prices in Brazil. In most countries monitored by the FAO, domestic staple food prices were higher in October 2023 compared to the previous year. This increase can be attributed to rising production and distribution costs. To address this issue and ensure better accessibility to key staple food commodities in local markets, several countries have implemented or extended policy measures aimed at easing the upward pressure on prices. Overall, the report highlights the fluctuating nature of international cereal prices, with wheat and rice experiencing declines and coarse grains seeing a price increase. Additionally, it emphasizes the efforts of various countries to mitigate the impact of rising domestic staple food prices through policy interventions.