According to the latest data from the United Nations’ Food and Agriculture Organization (FAO), global prices of grains and oils have continued their downward trend in June, while “food commodity prices remain extremely high in the domestic markets of the poorest countries.”
The FAO Food Price Index continued its descent, reaching a decline of 1.4% in June compared to the previous month of May.
The most significant decreases were observed in wheat whose prices dropped by 1.3%, influenced by abundant Russian supply and lower export taxes. Sugar prices declined as well by 3.2% after four months of consecutive increases.
The FAO also predicted that grain production in the 44 low-income countries suffering from food deficits would decrease, emphasizing the resulting increased need for imports.
The organization noted that the decline in global prices of certain food products has not fully reflected in the domestic markets of these countries. The Moroccan market, which has experienced significant fluctuations since last year, coinciding with drought conditions and the outbreak of the Ukrainian conflict.
In Morocco, the latest figures provided by the High Commission for Planning (HCP) confirm that the consumer price index for May 2023 has effectively decreased by 0.4% compared to the previous month, supported by a slight decline in the price index for food products (0.8%).
The decline in food products recorded by the HCP during the mentioned period affected vegetable prices by 7.9%, fish and seafood by 7%, milk, cheese, and eggs by 0.6%, bread and grains by 0.4%, and oils and fats, as well as coffee, tea, and cocoa, by 0.1%.
In the second quarter of 2023, the rate of increase in consumer prices slowed slightly in Morocco, for the first time in six quarters of continuous rise, according to the HCP report on the economic situation in the second quarter of 2023 and the outlook for the third quarter of the High Commissioner for Planning (HCP).
As a result, inflation is estimated to have reached 7.1% year-on-year, compared with 9.1% in the previous quarter.
This change is due to the decline in non-food prices, which fell by more than half, from +3.5% in the first quarter to +1.4% in the second, as well as a deceleration in food prices, from 17.6% to 15.5%.
add your comment
Terms of publication : Not to offend the writer, people, sacred things, or attack religions or the divine self, and refrain from racist incitement and insults.