According to the FAO, the Food Price Index for 2024 stood at 122 points, 2.6 points lower than the 2023 average.
Despite a general upward trend in most food categories—such as dairy, meat, and vegetable oils—this increase was not enough to counterbalance the declines in cereals and sugar.
The FAO Cereal Price Index saw a notable decrease of 13.3% in 2024 compared to 2023, while the Sugar Price Index dropped by 13.2% year-on-year.
The report attributes the decline in cereal prices to falling wheat and coarse grain prices, which had a major impact on the overall food price landscape.
FAO has reported 2.1% drop in global food prices for 2024.
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