In December, the FAO Food Price Index records a slight decline compared to the previous month

In December, the FAO Food Price Index records a slight decline compared to the previous month – World

In 2024, the average value of the benchmark global food price index is 2.1 percent lower than its 2023 level

Rome – The benchmark index of global food prices fell from the previous month, driven by a drop in international sugar prices, the Food and Agriculture Organization of the United Nations announced on Friday. agriculture (FAO).

The FAO Food Price Index, which tracks monthly changes in international prices for a range of food products traded around the world, averaged 127.0 points in December, or 0.5 percent less than in November and 6.7 percent more than in December 2023.

For the whole of 2024, the index stood at 122.0 points, which represents a drop of 2.1 percent compared to the average value recorded in 2023. The significant contractions in commodity prices cereals and sugar were offset by increases in the prices of vegetable oils, dairy products and meat, which were more moderate but not negligible.

In December, the FAO Cereal Price Index remained relatively stable compared to November and fell 9.3 percent from its level a year ago, as a marginal increase in maize prices offset the decline in wheat prices. Over the full year 2024, it averaged 113.5 points, a decrease of 13.3 percent from 2023, marking the second consecutive year of decline from levels record price of 2022. The FAO price index for all types of rice increased by 0.8 percent from its average level of 2023, its highest nominal price in the 16 recent years.

As for the FAO vegetable oil price index, it weakened by 0.5 percent since November but remained 33.5 percent higher than the value recorded at the same time last year. Over the whole of 2024, it was on average 9.4 percent higher than its 2023 level, against a backdrop of tighter global supplies.

Unlike other subsidiary indices, the FAO Meat Price Index rose 0.4 percent in December from the previous month, ending three months of decline, and rose 7.1 percent from the previous month. to its value for the month of December 2023. Over the whole of 2024, the FAO meat price index was 2.7 percent higher than its 2023 average, the increase in meat prices beef, sheep and poultry counterbalancing the decline in international pork prices.

The FAO Meat Price Index declined after seven consecutive months of increases, marking a slight decline of 0.7 percent from November, while remaining 17.0 percent higher than the value recorded in December 2023 Over the whole of 2024, the FAO Dairy Price Index increased by 4.7 percent on average compared to 2023, mainly due to. the surge in butter prices.

The FAO Sugar Price Index was behind this month's overall decline: amid improving prospects for cane sugar harvests in major producing countries, it fell by 5, 1 percent compared to November to stand 10.6 percent below its level in December 2023. In 2024, its average value fell by 13.2 percent compared to 2023.

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