The Food and Agriculture Organization of the United Nations (FAO) revealed that global food prices fell by 2.1% in 2024, compared to 2023.
The price index calculated by the FAO, which tracks the variation in international prices of a basket of basic products, fell by 13.3% for cereals compared to 2023 and by 13.2% for sugar over the same period.
According to the UN Organization, these declines were partly offset by the increase in prices of vegetable oils (+9.4%), dairy products (4.7%) and meats (2.7%).
Wheat export prices remained generally stable last December, adds the FAO, explaining that downward pressure exerted by weak international demand and increased seasonal supplies from harvests in Argentina and Australia were offset by upward pressure from poor winter crop conditions in Russia.
Global corn prices rose slightly, supported by a slight increase in export sales and tighter supplies in the United States, as well as strong demand for Ukrainian origins.
As for rice prices, they fell by 1.2% in December, but increased slightly year-on-year (+0.8%), notably supported by imports from several Asian countries during the first nine months of the past year.
As for the drop in sugar prices, it is largely due to record exports from Brazil during the year and a positive outlook for global supply for the 2024-2025 campaign.
Regarding annual oil prices, they remained high, despite a very slight decline in December, driven by palm oil in a context of global supply tightening.
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