This project explores the effect of the Familias en Accion conditional cash transfer programme on prices. Conditional cash transfer programmes like Familias en Accion inject liquidity into relatively closed village economies. These programmes have resulted in an increase in consumption of goods such as protein-rich food (Attanasio & Mesnard, 2006) and in school enrolment and have reduced child labour (Attanasio et al, 2005). The injection of liquidity in these localities, along with the conditionalities, could have led to an increase in prices. We study the impact of Familias on prices by first constructing locality-level food price indices and then exploiting the quasi-experimental nature of the evaluation data to estimate the Impact of the programme on price indices and relative wages in the treated villages.