FAO Reports Decline in Global Food Prices

Global food prices dropped by 2.1% in 2024, according to the Food and Agriculture Organisation of the United Nations (FAO).

In December, the FAO Food Price Index decreased by 0.5% compared to November’s figures.

The organisation noted that sugar and wheat experienced the most significant price declines over the year. Due to a strong sugarcane harvest, global sugar prices fell by 13.2% compared to the 2023 average. Over the same period, cereal prices dropped by 9.3%, driven primarily by falling wheat prices, while rice and maize recorded slight price increases by the end of the year.

The average price of rice in 2024 was 0.8% higher than in 2023, reaching a 16-year high.

Meanwhile, the average annual prices for vegetable oils rose by 9.4%, and meat prices increased by 2.7% despite a significant decline in global pork prices. Dairy products also saw an average price rise of 4.7% compared to 2023.