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FAO – Monthly Report on Food Prices, June 2024

Summary
In May 2024, international prices for major cereals, including wheat, maize, and rice, saw significant increases. Factors such as unfavorable crop conditions and various disruptions led to the rise in prices. Domestically, staple food prices in many countries remained high due to adverse weather, conflict-related disruptions, and high food distribution costs. Prolonged conflict and insecurity continued to drive up food prices in countries like Haiti, Myanmar, South Sudan, Sudan, and Sahelian countries. In regions like Southern Africa and Argentina, lower maize output and ongoing harvests kept prices high. Despite seasonal harvest pressure, rice prices in South America and Far East Asia increased year-on-year. Global wheat export prices saw a sharp rise in May, with concerns about crop conditions in the EU and Russia leading to double-digit growth in prices. Damage to the Black Sea shipping infrastructure also contributed to the upward pressure on prices. Reflecting the overall market trend, prices for wheat in countries like Argentina, Australia, Canada, and the USA increased significantly month-on-month.
Region: Global 
Published: June 2024 
Author(s): FAO 
Language: English 
Geopolitical drivers: Economic conditions 
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