In particular, the World Bank (2012b) estimates that price volatility6 between January’2005 and May 2011 reached 12% in Kenya and 14% in Zambia, w'hile it was only 9% in South Africa. In Kenya, average price levels increased around 20% between 1995 and 2004 (Jayne et al., However, the food security impacts of the stocks are not unanimously positive.