Key Messages:

• International wheat prices declined in March 2024, amid ample global supplies, relatively favourable conditions of crops still to be harvested and strong competition on international markets, while global maize prices firmed marginally. International rice prices fell by 1.7 percent in March, largely due to subdued import demand.
• FAO’s analysis of the latest available data shows that, in most countries, domestic staple food prices remained elevated in February and March  2024 compared to the previous year. In the Sudan, South Sudan and Haiti, conflict and insecurity have continued to constrain food production and marketing activities. Price spikes occurred in several Southern African countries, where drought conditions have dimmed prospects for the 2024 cereal harvest. By contrast, falling international prices and favourable harvest prospects moderated domestic wheat prices in parts of Eastern Europe, Caucasus and Central Asia, South America and Far East Asia. For net food importers, persistent currency weakness has reinforced the upward pressure on local food prices, most significantly in parts of East Africa, Southern Africa and West Africa.