In March 2024, domestic prices of rice showed mixed trends and were significantly above their year-earlier levels in most countries of the subregion, 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 increased marginally in March 2024 and were higher year-on-year, owing to dwindling market availability, prior to the bulk arrival of the 2024 main winter/spring crop, coupled with increased exports in the first quarter of 2024 compared with same period last year. In India, the national average retail price of rice remained generally stable in March, as large‑scale government purchases needed to run various welfare schemes, offset the downward pressure from the above-average 2023 main kharif harvest. In Thailand, wholesale prices of rice declined for the second consecutive month in March, amid adequate supplies from the 2023 main harvest. In Myanmar, wholesale prices of the widely consumed emata rice variety declined marginally in March, with the onset of the 2023 secondary rice harvest, production of which increased year-on-year. In March, prices remained 46 percent higher year-on-year, after steady increases between November 2023 and February 2024. In China (mainland), the wholesale national average price of indica and japonica rice varieties were generally stable in March and only slightly higher year-on-year, amid adequate market availability from the 2023 harvests. In Sri Lanka, retail prices of rice declined marginally in March on account of increased supplies from the 2024 main maha harvest and were moderately higher year‑on‑year. In Cambodia, wholesale prices of rice were stable or declined in February, with good market supplies from the 2023 main harvest. An exception was Battambang market, where wholesale prices of rice increased by 11 percent month-on-month in February, on concerns over the impact of dry weather conditions on the ongoing 2023 secondary dry crop. In the Philippines, the national average retail price of rice increased for the fourth consecutive month in February, reaching new record highs, on a combination of reduced 2023 secondary crop, affected by dry weather and high international export quotations.

Regarding wheat grain and wheat flour, prices declined in March 2024 in most countries of the subregion, reflecting generally favourable prospects for the 2024 winter wheat production, with harvesting operations expected to start between April and May in several countries. In China (mainland), wholesale wheat grain and wheat flour prices declined marginally in March and were below their year-earlier levels owing to good market availability from the bumper output in 2023 and large inventories. In India, the national average retail price of wheat flour declined marginally in March but was slightly higher year-on‑year. In Pakistan, retail wheat flour prices declined in March with the imminent harvest of the 2024 crop, forecast at an above-average level. However, prices remained above their year-earlier levels, after sharp increases in 2022 and early 2023. In the net wheat importer, Sri Lanka, retail prices of wheat flour declined in March and were well below their year‑earlier levels, reflecting trends in the international markets. Similarly, in Afghanistan, retail wheat flour prices declined in March, 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 in February and March 2024.