This study investigated the effects of rising food prices and poverty on micronutrient intakes in Guatemala. The 2006 National Living Conditions Survey with 13,686 households was analyzed to determine the probability of inadequacy, disparities in income and intakes, and model the response of intakes to price‐ and incomechange scenarios using the quadratic almost ideal demand system. Food budget share of total household budget was on average, 47% in urban and 56.5% in rural areas. Disparities in nutrient intakes were greatest for vitamin B12 (0.62 Gini coefficient) and vitamin A (0.49 Gini); these nutrients were highly and positively correlated with income. Increases in income, however, reduced to a larger degree the probability of inadequacy for zinc and iron, compared with other nutrients. In models simulating the food price crisis of 2007–2008 and a 10% change scenario, probability of inadequacy rose higher for zinc and folate when compared to other nutrients. Income‐nutrient elasticities, uniformly high in the poorest three quintiles (0.65–1.15), showed a dose response with income across nutrients. Price‐nutrient elasticities were highest for vitamin B12 and the meat group price (−0.503) and folate and the legumes group price (−0.343). Income was most closely associated with vitamins A, B12, and zinc, and food prices with zinc and folate intakes. Funding was received from Inter‐American Development Bank.