In November 2024, domestic rice prices showed mixed trends month‑on‑month in the subregion. In Thailand, wholesale rice prices increased slightly, despite the ongoing 2024 main harvest, mostly reflecting steady international demand and concerns over the impact of flooding in November in southern parts of the country, which may have affected crops at critical maturation stage, a period when excessive rains are usually unfavourable. However, prices remained 20 percent lower than year-earlier levels after steady declines from June to October 2024. In Myanmar, retail prices of Emata rice, the most widely consumed variety, rose for the fourth consecutive month in November, nearing record levels, supported by expectations of a below-average 2024 main paddy production, high agricultural input and transport costs, and conflict-related market disruptions, which have offset seasonal downward pressure on prices. In Viet Nam, wholesale rice prices decreased slightly month‑on‑month in November and were about 15 percent lower year‑on‑year, owing to adequate market availability from the ongoing autumn/winter and 10th‑month harvests, estimated at close to the five-year average. In India, the national average retail price of rice was generally stable in November and close to year-earlier levels, as downward pressure from the above‑average 2024 main Kharif crop was offset by large government purchases needed to run various welfare schemes. In China (mainland), wholesale national average prices of Indica and Japonica rice varieties remained stable in November and were close to their year-earlier levels, reflecting adequate market supplies from the 2024 harvest. In Sri Lanka, retail rice prices increased seasonally month-on-month in November and were 5 percent higher year‑on‑year. In Indonesia and the Philippines, domestic rice prices remained generally stable in October and were only slightly higher year‑on-year, supported by adequate market availabilities from the ongoing harvests and above‑average imports in 2024.

Regarding wheat grain and wheat flour, prices were generally stable month-on-month in November 2024 in most countries of the subregion. In China (mainland), wholesale wheat grain prices remained stable in November and were lower year-on-year, reflecting adequate supplies from the bumper 2024 harvest. In Pakistan, retail wheat flour prices were stable in November and significantly lower year-on-year, weighed down by abundant market supplies from the record 2024 production. The Punjab provincial government’s decision not to procure wheat from the 2024 harvest, unlike in previous years when purchases were made at a minimum support price, further increased market supply, exerting additional downward pressure on prices. In Sri Lanka, a net wheat importer, retail wheat flour prices were stable in November and were about 10 percent below year-earlier levels, reflecting adequate market supplies from imports. In Afghanistan, retail wheat flour prices showed mixed trends in November but were lower year-on-year, supported by deflationary pressures and improved availability from the above-average 2024 wheat harvest. By contrast, in India, the national average retail price of wheat grain increased further in November and was marginally higher year-on-year, as downward pressure from the record 2024 output was offset by large government purchases to support official welfare schemes.