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Central America and the Caribbean

Prices of maize and beans remained well above their year-earlier values in November

15/12/2022

Despite no significant impact on the second season bean crops by the passage of Tropical Storm Julia, which contributed to a sharp price increase in October, prices of red beans generally remained on the rise in November. In Nicaragua, although markets were reportedly well supplied with the second season harvest, prices continued to rise to levels more than double their levels a year earlier, reflecting large exports during the first ten months of 2022. Prices continued to strengthen in Honduras, where markets are supply-constrained as the harvest was delayed due to excessive moisture. Prices rose moderately in El Salvador, despite declines since mid-November on account of increased seasonal availabilities. In the above countries, prices were at least 60 percent higher year-on-year, supported by high production and transportation costs. Regarding black beans, prices remained stable at high levels in Guatemala, with markets supplied with the new harvest supplies. In Mexico, prices continued their upward trend, as expectations for a below-average harvest more than offset the downward pressure from the ongoing main season harvest. In the capital, Mexico City, prices rose sharply by more than 25 percent month‑on-month and were 50 percent above their year‑earlier levels.

 

Wholesale prices of white maize declined in November for the fourth consecutive month in Guatemala, Honduras and Nicaragua, as the 2022 harvests continued to improve market supplies. Similarly, wholesale prices weakened further in El Salvador. By contrast, in spite of the ongoing main season harvest, prices rose in most markets of Mexico, supported by unfavourable production prospects, resting on the dryness‑induced contraction in plantings. Across the subregion, prices were above their levels a year earlier, with the year-on-year increase ranging from 15 to 60 percent.

 

In Costa Rica, retail prices of rice have been stable since June, as downward pressure from large imports during the first ten months of 2022 was offset by the lower year-on-year main season harvest. Prices in November were slightly above their values a year earlier.

 

In Haiti, prices of domestically produced maize meal and black beans rose sharply in October in most markets, prompted in part by an increase in fuel prices. Sharp weakening of the Haitian gourde added upward pressure on prices of food items, including imported rice, wheat flour, sugar and cooking oil. Although the blockage of a main port of fuel entry ended, heightened insecurity and massive civil protests continued to hamper food supplies as well as households’ access to markets and basic services.