Attachments
Highlights:
• Food inflation declined during the first quarter (Q1) of 2024 and in March it was estimated at 5.4 percent, almost 6 percentage points below the year-earlier levels. Similarly, the headline inflation2 declined during Q1 2024 and reached 2.7 percent in March.
• Fuel prices increased slightly during Q1 2024 and, in March, were near the levels recorded a year earlier.
• The average retail price of imported rice declined slightly after the peak reached in November 2023 (US$19.5 for a 25kg bag or US$0.78/kg), and increased in February and March 2024, reaching again US$19.5 for a 25kg bag or US$0.78/kg, 30 percent above the previous year’s values.
• Domestic maize prices rose 19 percent year on year amid increased demand and the expectation of a reduced maize output in 2024 due to the impact of El Niño and pest infestations.
• The cost of the basic food basket in March 2024 increased by 20 percent compared to a year earlier (from US$0.83 to US$1.00 per person per day).