The world food price index of the Food and Agriculture Organization of the United Nations (FAO) fell in December compared to the previous month, due to the fall in international sugar prices, and for the whole of 2024 it fell further 2 points compared to the 2023 average.
The price index stood at an average of 127.0 points, 0.5 less than in November, and 6.7% more than in December 2023, the FAO specified in a statement this Friday, which monitors the price changes of a set of basic food products traded worldwide.
About the set of 2024, The index registered an average of 122.0 points, 2.1% less than the average value of 2023, “compensating for the significant decreases in cereal and sugar prices with smaller, but not insignificant, increases in grain and sugar prices.” vegetable oils, dairy products and meats.
In relation to the price of cereals in December, this was “relatively unchanged” compared to November, and 9.3% below its level in 2023, “as a marginal rebound in corn prices offset a fall in those of wheat.
For the total of 2024, cereals stood at an average of 113.5 points, 13.3% less than in 2023. This “represents the second annual decrease compared to the record level of 2022”, according to the FAO.
In turn, the rice price index throughout 2024 rose 0.8% compared to its average level in 2023, “which is the highest level in 16 years in nominal terms.”
On the other hand, in December, the vegetable oil price index decreased by 0.5% compared to November, “although it remains 33.5% higher than its level a year earlier.”
Likewise, for 2024 as a whole, oil prices were an average of 9.4% higher than in 2023, marked by a context of global supply shortages.
Unlike other food products, the meat price index rose 0.4% in December. This put an end to a downward trend in the last three months and “was 7.1% above its December 2023 value.”
In relation to 2024, the price of meat was 2.7% above its 2023 average. Regarding dairy products, the price index fell “after seven consecutive months of increases, and fell by 0.7% compared to November.
However, it was still 17% above its December 2023 value. On the other hand, “in 2024 as a whole, the dairy price index increased by 4.7% compared to 2023.” In December, the price of sugar fell 5.1% compared to the previous month, due to improved harvest prospects, and also fell 10.6% compared to December 2023.
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In relation to all of 2024, sugar was an average of 13.2% below that of 2023, concludes the FAO.
