The FAO Food Price Index decreased by 0.5% to 127 points in December 2024, down from an upwardly revised 127.6 points in November.
FAO food prices dip in December 2024
Sugar prices dropped 5.1% month-on-month, driven by improved sugarcane crop prospects in major producing countries. Dairy prices fell by 0.7%, ending a seven-month streak of increases, while vegetable oil prices declined by 0.5%. Cereal prices remained largely stable, with a slight rise in maize quotations balancing out a decline in wheat prices. Meanwhile, meat prices rose by 0.4%.
FAO index up 6.7% YoY, 2024 average down 2.1%
Despite being 6.7% higher than its level a year ago, the index remained 20.7% below its March 2022 peak. For 2024, the index averaged 122 points, representing a 2.1% decline compared to 2023.
