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Global Price Watch: May 2022 Prices (June 30, 2022)

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KEY MESSAGES

  • In West Africa, staple food prices increased and remained significantly above average due to below-average production, rapid depletion of stocks, various national bans on cereal outflows, and persisting -- or escalating -- insecurity disrupting trade flows. In Coastal countries, atypical high prices were driven by strong export demand, lingering COVID-19 impacts on shipping, and currency depreciation. Surging global commodity and fuel prices, exacerbated by the conflict in the Black Sea region, have affected markets and prices throughout the region. Prices are projected to remain above average with new record levels during the lean season.

  • In East Africa, staple food prices were stable or increased marginally in Ethiopia and South Sudan due to adequate market supplies from the October-to-December harvest, inflows of imported staples in Somalia, and in Burundi due to the forthcoming start of June-to-July harvest. Prices increased typically in Sudan, Uganda, and Kenya as supplies started to tighten, and in Tanzania as adequate supplies were yet to reach the markets. Below average harvest, enduring currency depreciation, and high inflation heightened food commodity prices in the region

  • In Southern Africa, maize price trends were mixed across the region as harvesting of the 2022 crop continued against a backdrop of high fuel and transportation costs and strong demand for maize. Maize prices increased in South Africa, Tanzania, and Malawi. Strong demand and increased input and transportation costs put upward pressure on prices and inflation. Currency depreciation also continued across much of the region.

  • In Central America, markets were well supplied with local and imported goods and operated normally. White maize and beans prices increased seasonally, while rice prices remained stable. In Haiti, market operations and food supply were average, except for Port-au-Prince due to gang activity. Increased fuel and transportation costs drove inflation.

  • In Central Asia, rising global grain and energy prices, and economic fallout from the Black Sea conflict, continued to increase pressure and uncertainty on import-dependent local markets driving prices upward. In** Yemen**, commodity prices increased, tracking international trends while the continued ceasefire and favorable monetary policies allowed for renewed imports and a stable currency.

  • International staple food markets were well-supplied. Rice and wheat prices continued to increase due to geopolitical tensions and higher freight and fuel costs. Efforts to mitigate these risks will be essential to monitor as well as the weather and its implications for crop development.