Retail prices of bread (French type) continued to rise in July, reflecting tight seasonal wheat supplies from the low 2022 and 2023 outputs, as well as high transport and milling costs. Bread prices have more than tripled their year-earlier levels, amid the difficult macroeconomic scenario exacerbated by the strong peso devaluation in December 2023 and the following depreciation.

Retail prices of rice at near-record highs in August 2024, mostly due to tightening seasonal availabilities and high production and transport costs.

A weak currency, conflict-related market disruptions, high transport costs and strong local demand combined with inadequate local supply, continue to sustain prices of cereals at very high levels in July 2024.

White maize prices continued to rise in August 2024, supported by lower national supplies and strong export demand.

Prices of maize and sorghum continued to increase in August 2024 reaching new record highs due to tight supplies, the lingering impact of prolonged conflict, reduced oil exports worsening the existing macroeconomic difficulties and flood-related trade disruptions.

Prices of cereals continued to increase in June mainly due to the ongoing conflict, which resulted in a sharply reduced cereal production in 2023. Soaring input prices boosting production and transport costs, and insecurity-related trade disruptions, provided further support to prices.

Maize grain prices dropped in August 2024, but remained 55 percent higher year-on-year.