Domestic prices of rice showed mixed trends in October and were above their year-earlier levels across the subregion. In Viet Nam, prices increased for the second consecutive month, with seasonally tight availabilities exacerbated by harvest delays due to unseasonal rains and expectations of a below-average 2022 paddy production. In Thailand, rice prices firmed up in October at levels well above a year earlier, ahead of the arrival of the 2022 main season crop. Prices were generally stable or increased marginally in some markets in India, ahead of the 2022 main “Kharif” crop, which is expected to decrease year-on-year. In the case of Myanmar, retail prices of the widely consumed “Emata” rice stabilized in October, but remained at record levels of up to 50 percent higher year‑on‑year. The price increase was associated with two consecutive seasons of production declines, a recovery in exports, high transportation and input costs, and expectations of a below average 2022 main paddy crop. In China (mainland), domestic rice prices were stable, reflecting adequate market availabilities. In importing countries of the subregion, prices mostly softened but remained above their year-earlier levels. This was the case in Sri Lanka, where domestic prices of rice decreased seasonally for the third consecutive month in October as a result of supply pressure from the recently completed 2022 “Yala” harvest and increased imports. However, prices were more than two times higher than their year‑earlier levels, reflecting high transportation costs, inflationary pressure and an overall tight supply situation due to the significantly reduced 2022 output. The annual food inflation decreased to 85.6 percent in October 2022, down from 94.9 percent in September 2022. Similarly, prices softened in Bangladesh, reflecting adequate market availabilities from the 2022 harvests and the continued distribution of rice at subsidized prices to vulnerable households through official programmes.

Wheat grain and wheat flour prices similarly showed mixed trends and remained above their year-earlier levels in most countries of the subregion. Significant price increases were registered in Bangladesh, where October quotations reached record levels and were almost 80 percent above their year-earlier levels, due to a slowdown in imports and elevated transportation costs. In Pakistan, wheat flour price movements were mixed and at high levels in October, reflecting generally tight market availabilities and high transportation costs. In India and China (mainland), wheat flour prices were stable or increased marginally, reflecting generally adequate market availabilities. In Sri Lanka, following the steady increases since September 2021, wheat flour prices decreased by 13 percent month-on-month in October, after the Essential Food Commodities Importers and Traders Association reduced the price of wheat flour. October quotations remained more than five times higher than their year-earlier levels.