World food prices fell by 2.1% in 2024 compared with 2023, the Food and Agriculture Organization of the United Nations (FAO) reported on Friday.
The price index calculated by the FAO, which tracks changes in the international prices of a basket of commodities, fell by 13.3% for cereals compared with 2023, and by 13.2% for sugar over the same period.
According to the FAO, these declines were partly offset by higher prices for vegetable oils (+9.4%), dairy products (4.7%) and meats (2.7%).
Wheat export prices remained broadly stable last December, the FAO adds, explaining that downward pressure from 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.
World corn prices rose slightly, due to a slight increase in export sales and tighter supply in the United States, as well as strong demand for Ukrainian goods.
With regard to rice prices, they fell by 1.2% in December, but rose slightly year-on-year (+0.8%), supported in particular by imports from several Asian countries during the first nine months of the year.
In turn, the drop in sugar prices was largely due to record exports from Brazil during the year and a positive outlook for global supply for the 2024-2025 campaign.
Annual oil prices remained high, despite a very slight decline in December, driven by palm oil in a context of tightening global supply.
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