KEY MESSAGES

• International prices of all major cereals declined in June 2023. Seasonal supplies put downward pressure on both wheat and maize prices, with wheat harvests starting in the Northern Hemisphere and maize harvests continuing in the Southern Hemisphere. World rice prices also declined, amid subdued demand for non-Indica rice and efforts by Pakistan to attract export sales.

• In most countries monitored by FAO, domestic prices of basic foods in June 2023 remained above their year-earlier levels. High prices of coarse grains persisted in East and West Africa, while seasonal pressure contributed to declines in maize prices in Southern Africa and South America. In Eastern Europe, Caucasus and Central Asia countries and East Asia, ample carryover stocks and new supplies from ongoing harvests are exerting downward pressure on wheat and wheat flour prices. Meanwhile, in East Asia, domestic rice prices were generally stable across the subregion but increased in major exporting countries. Conflict and insecurity, adverse weather, high prices of agricultural inputs, elevated distribution costs as well as currency weaknesses continue to be the major drivers.