This paper tests the assumption that differential exposure to food price shocks leads to different welfare trajectories and to potentially increased risks of poverty traps. Using four waves of longitudinal data from Uganda, we find no evidence of any poverty trap induced by exposure to food price shocks. Instead, households are converging towards specific equilibria, depending on their demographic characteristics, vulnerability and exposure to food price shocks. Particularly, households highly exposed to price shocks were expected to move to consumption equilibrium levels located at 15.1% lower than those less exposed but only at 3.3% lower in terms of assets accumulation.