Rice prices, which made significant gains in 2023Q4 and earlier in 2024, have also retreated since February, reflecting the currency depreciation of major exporters against the U.S. dollar, sluggish demand amid increased prices, and seasonal supply increases. Wheat and rice supplies in the 2023-24 season are estimated to be the second and third highest on record, respectively. Global supplies in the 2024-25 crop year are projected to be lower for wheat and higher for maize and rice compared to 2023-24. Food prices are expected to ease. The World Bank’s food price index is expected to decline by 6 percent in 2024 and an additional 4 percent in 2025.
