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Global Price Watch: August 2022 Prices (September 30, 2022)

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KEY MESSAGES

• In West Africa, coarse grain price trends were mixed in August, increasing seasonally in some markets in the Sahel as stocks tightened amid the peak of the lean season but increased in other markets. In Coastal countries, staple prices were stable or decreased compared to July due to the onset of local harvests and easing demand. Prices trended considerably above the previous year and five-year average, reaching record levels in Burkina Faso and Mali. Inflation in Nigeria reached a 17-year high at 20.52 percent, driven by higher food and fuel prices (Page 3).

• In East Africa, staple food prices increased across most markets in August as supply tightened amid high demand and below-average production. There were localized price decreases caused by late harvests in southern Somalia, humanitarian assistance in northern Uganda, and subsidized flour in western Kenya. Prices remained elevated because of below-average production, high inflation, and trade disruptions due to flooding and conflict. Livestock prices varied depending on the availability of feed and water (Page 4).

• In Southern Africa, maize prices were stable in August across most markets. However, prices remained above the previous year and five-year average due to below-average production, high transportation costs, high export demand, and currency depreciations. Inflation surged across the region in August, driven by global commodity markets and dwindling foreign currency reserves. Increased transport and import costs, as well as currency depreciation, are expected to put further upward pressure on staple food prices (Page 5).

• In Central America, market operation was normal, and staple food prices were stable in August as imports and carryover stocks supported stable supply through the end of the lean season. White maize availability improved as small volumes of primera harvest reached markets. In Haiti, local staple prices increased in most markets in August as below-average spring harvests and fuel shortages constrained supply. Insecurity is expected to continue to disrupt markets, and high inflation is expected to persist (Page 6).

• In Central Asia, harvest outcomes diverged in August with drought in Afghanistan and flooding in Pakistan that damaged yields, while Kazakhstan’s wheat harvest was strong. In Yemen, wheat and other food prices remained stable in Aden and Sana’a following continued currency stabilization, though prices remained well above the five-year average (Page 7).

• Internationalstaple food markets were sufficiently supplied in August, but price trends varied by commodity. Global fuel and fertilizer prices declined, driven by softening global demand outlooks, but global maize prices increased. Prices continued to trend above the previous year and the five-year average (Page 2).