FAO highlights mixed trends in global food prices for 2024  

Global food prices experienced a nuanced trajectory in 2024, with the Food and Agriculture Organisation (FAO) of the United Nations reporting a 2.1 per cent overall decline compared to the previous year. Despite this annual drop, the latter half of the year saw a significant rebound in prices, particularly for meat, dairy, and vegetable oils, FAO data revealed on Friday.

The FAO’s Food Price Index, which monitors monthly changes in international prices of commonly traded food commodities, averaged 122.0 points in 2024, down from 124.6 points in 2023. However, food prices climbed steadily throughout the year, rising by 6.7 per cent from January’s 117.6 points to December’s 127.0 points.

The decrease in the annual average was largely attributed to substantial reductions in cereal and sugar prices, which dropped by 13.3 per cent and 13.2 per cent, respectively. In contrast, a 9.4 per cent surge in the Vegetable Oil Price Index and notable increases in meat and dairy prices contributed to the upward trend seen in the latter months of 2024.

While prices have eased from their record highs during the aftermath of Russia’s invasion of Ukraine in 2022, they remain approximately 26 per cent above pre-pandemic levels. The conflict, which disrupted global wheat supplies, initially pushed prices to unprecedented levels. Efforts to stabilize shipments mitigated the spikes, but inflationary pressures and supply chain issues have kept prices elevated.

The FAO’s report underscores the volatility of global food markets, shaped by geopolitical events, inflation, and supply dynamics. While the short-term decline offers some relief, the sustained high prices relative to pre-pandemic levels highlight ongoing challenges in ensuring food affordability and security worldwide.

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