World food prices dropped by 2% in 2024, according to FAO

Food was reduced by 2.1% in 2024 around the world compared to the previous year, mainly due to the reduction in world prices and sugar, the World Food and Agriculture Organization (FAO) announced today (3.1.225). The price index, drawn up by the United Nations Agency, which monitors the variation of international prices in a basket of basic products, declined by 13.3% for cereals compared with 2023 and 13.2% for sugar during the same period. CORVERSE These reductions were partly offset by the rise in vegetable oil prices (+9.4%), dairy products (4.7%, mainly due to the rise in butter prices) and meat (2.7%). Following the high rise in cereal prices and especially wheat, recorded after the Russian invasion of Ukraine, prices have not ceased to decline and have now returned to their pre-war prices on international markets. The reduction in sugar prices is mainly due to Brazil’s “record exports during the year”, as well as “the positive prospects of global supply”. Despite a very slight decline in December, annual oil prices remained high, mainly due to the rise of this palm oil in a ‘global reduction in supply’ framework.