WFP Myanmar Market Price Update (August 2022)

Highlights

• The cost of the basic food basket (rice, oil, chickpeas, salt) continues to rise, up +14% month-on-month, driven by rising edible oil and rice prices. The average price ranges from 21,000 kyat to 28,000 kyat for a basket.
• Currency depreciation continues to cause inflation in markets.
  Despite fixed rate at Central Bank of Myanmar of 2100 kyat, the average market exchange rate remains 15-20% higher.
• Rice prices are the latest commodity to see considerable increases this month (overall +14%) due to a combination of factors including increased production costs, currency depreciation, rising fuel prices, declining stocks and concerns over output in the coming season.
• Onion prices continue upward trend as stocks dwindle and the summer harvest remains several months away. The overall increase was +24%.
• Edible oil prices rose again by 15-17% despite overall global declines in vegetable oil prices, driven by the currency devaluation and transportation costs.
• Egg prices also increased again this month as input prices (chicken feed) and fuel prices continue to be high.
• Fuel prices increased 28% on average (month-on-month) and are more than double that of one year ago.

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