In April 2024, domestic prices of rice were generally stable and remained significantly above their year-earlier levels in most countries of the subregion, mostly reflecting the high cost of production and transport as well as trade disruptions following the export ban of non-basmati white rice by India. In Viet Nam, wholesale prices of rice were stable in April, with the downward pressure from the arrival of the 2024 winter-spring crop offset by a year-on-year increase in exports during the first four months of 2024. In India, despite the progressive arrival of the 2024 above‑average secondary Rabi harvest, the national average retail price of rice was stable in April, mostly reflecting the ongoing large-scale government purchases needed to run various welfare schemes. In China (mainland), the wholesale national average price of Indica and Japonica rice varieties were stable in April and moderately higher year-on‑year, amid adequate market availability from the 2023 crop. In Myanmar, after increasing steadily between November 2023 and February 2024, wholesale prices of the widely consumed Emata rice variety stabilized in April with the arrival of freshly harvested supplies of the 2023 secondary crop, but remain significantly up year-on-year. In Thailand, wholesale prices of rice declined slightly for the third consecutive month in April, weighed by new crop arrivals of the secondary harvest. In Sri Lanka, retail prices of rice increased marginally in April with the end of the 2024 main Maha harvest and were 7 percent higher year on year. In the Philippines, the national average retail price of rice stabilized in April, following the steady increases from October 2023 through March 2024, owing to improved availability from the 2023 secondary harvest, production of which, however, is reduced due to dry weather conditions, as well as from large imports in the first quarter of 2024.

Regarding wheat grain and wheat flour, prices declined in April 2024 in most countries of the subregion, reflecting the favourable prospects for the 2024 winter wheat production, with harvesting operations already started or about to start. In China (mainland), wholesale wheat grain and wheat flour prices declined marginally in April and were down from their year-earlier levels on account of ample market availability and favourable prospects for the 2024 output, the harvest of which is expected to start in late May 2024. In India, the national average retail price of wheat declined marginally for the second consecutive month in April, weighed by new supplies from the 2024 Rabi wheat crop, officially estimated at a bumper level. In Pakistan, retail wheat flour prices declined significantly in April with progressive arrivals of the 2024 crop, forecast at a record level. Overall, prices were well below their high level a year earlier. In the net wheat importer, Sri Lanka, retail prices of wheat flour were stable in April and were well below their year-earlier levels, reflecting trends in the international markets. In Afghanistan, the retail prices of wheat flour declined in April, in line with softening international wheat quotations, and were lower year-on-year, with additional downward pressure stemming from improved 2024 winter wheat crop prospects following abundant rains between February and April 2024. The decline in demand, due to the limited purchasing power of households associated with reduced employment opportunities and limited availability of cash, contributed to the decline in prices.