Across the subregion, domestic prices of rice showed mixed trends in February 2024 and were significantly above their year-earlier levels in most countries, reflecting 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 declined in February, in part reflecting the imminent onset of the main 2024 winter/spring harvest. However, prices were well above their year‑earlier levels following sustained increases between March 2023 and January 2024. Similarly, in Thailand, lower international demand for rice resulted in month-on‑month wholesale price declines in February, but prices remained 40 percent higher than the elevated levels a year earlier, after recurrent increases registered between September 2021 and January 2024. In Myanmar, wholesale rice prices of the widely consumed emata rice variety increased to record levels in February, as seasonal upward pressure was compounded by a below-average 2023 main paddy output, high production costs and conflict-related market disruptions. In India, the national average retail price of rice increased month-on-month in February and were above their year‑earlier levels, reflecting strong domestic demand and large government procurement purchases. In China (mainland), wholesale national average rice prices were generally stable, reflecting adequate market availability.
In the Philippines, a net importer of rice, national average retail rice prices reached record levels in nominal terms in February 2024 on concerns about the impact of dry conditions on the ongoing 2023 secondary season crop. In Sri Lanka, retail prices of rice declined marginally with the gradual arrival of the 2024 main maha crop in the markets and were slightly higher year-on-year.
Wheat grain and wheat flour prices showed mixed trends in February 2024. In China (mainland), wholesale wheat grain and wheat flour prices were stable and close to their year‑earlier levels reflecting good market availability from the bumper output in 2023. In India, the national average retail price of wheat flour has been stable since November 2023 and was marginally higher year-on-year in February. In Sri Lanka, retail prices of wheat flour have been stable since November 2023, but were 13 percent lower than a year earlier reflecting adequate imports in the preceding months. In Pakistan, retail wheat flour prices were generally stable month‑on‑month, but remained at a near-record level in February, supported by tight market availabilities, inflationary pressure and high costs of agricultural production and transport. In Afghanistan, retail wheat flour prices showed mixed trends in February and were well below their year‑earlier levels in February 2024, in line with international price trends.
