Global agricultural, cereal prices stable: World Bank

The agricultural, cereal, and export price indices remained stable in the two weeks to February 23, said the World Bank.

The agricultural and export price indices closed 1 per cent higher, and the cereal price index closed at the same level.

Maize, wheat, and rice prices all closed within 1 per cent of their levels two weeks ago, said the multilateral lender's food security update.

On a year-on-year basis, maize and rice prices were 9 per cent and 16 per cent higher, respectively, and wheat prices were 3 per cent lower.

Maize and rice prices were up 4 per cent and 18 per cent, respectively, and wheat prices were down 5 per cent.

Maize and wheat prices, however, were 32 per cent and 15 per cent higher than in January 2021, and rice prices were 1 per cent lower.

The most recent Food Price Monitoring and Analysis Bulletin released by the Food and Agriculture Organisation (FAO) revealed mixed trends for international cereal prices in January 2023.

World wheat prices fell in January for a third consecutive month, international coarse grain prices remained mostly unchanged, and international rice prices rose at an accelerated pace in January 2023.

"Overall, FAO's analysis indicates that high prices have persisted for the past three months despite some evidence of easing from 2022 peaks in certain countries, with rice price hikes mostly responsible for sustained high cereal prices," said the bulletin.