Global food prices fell by 2.1 percent in 2024 compared to the average for the previous year, mainly due to declines in cereal and sugar prices, according to the latest report released Friday by the United Nations Food and Agriculture Organization (FAO).
The FAO Food Price Index for the whole year of 2024 stands at 122 points, 2.6 points lower than the average value in 2023, the report said.
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While the Index showed a steady upward trend in most of 2024, driven by dairy, meat, and vegetable oil prices, this increase was insufficient to fully offset the declines in cereal and sugar prices. The FAO Cereal Price Index for 2024 dropped by 13.3 percent compared to 2023, while the FAO Sugar Price Index fell by 13.2 percent year-on-year.
According to the FAO, the decline in cereal prices in 2024 was primarily due to lower wheat and coarse grain prices.
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The report also noted that the FAO Food Price Index for December 2024 averaged 127 points, a month-on-month decrease of 0.5 percent, but a year-on-year increase of 6.7 percent.