The national average maize grain price dipped seasonally in May 2024 for a second consecutive month but remained close to the record high of March. The recent fall comes amidst harvest pressure, as newly harvested crops augment local market supply, however, the recent decline is below historical rates for the same period, reflecting a below-average maize output on account of the severe impacts of the El Niño-linked drought. As a result, the country is forecast to become a net importer of maize in the 2024/25 marketing year and is likely to import in excess of 0.5 million tonnes. Continued currency weakness, which is already propping up high prices (the annual food inflation rate edged higher to 16 percent in May) combined with increased cereal import needs may accentuate imported inflationary pressure. In efforts to reign in inflationary pressure, the government raised the national policy rate in May, the second time this year.