Global food commodity prices rose almost 7% in December, according to the latest FAO data, rounding off 12 months when the organisation’s index fell year on year.
The FAO Food Price Index increased 6.7% in December versus the same month of 2023.
The index, which tracks monthly changes in a basket of international food commodity prices, averaged 127 points in December.
For 2024 as a whole, the index averaged 122, down 2.1% from 2023, with drops in cereal and sugar prices balanced by more modest price increases for vegetable oils, dairy, and meats.
Compared to November, the index decreased month on month by 0.5%, mainly due to a drop in international sugar quotations.
Falling by 5.1% from November, the FAO Sugar Price Index led the monthly decline, driven by improved sugarcane crop prospects in major producing countries.
For 2024, the sugar sub-index averaged 13.2% below its 2023 levels.
The FAO Cereal Price Index in December remained relatively unchanged from November and was 9.3% below its year-earlier level.
For 2024, the FAO Cereal Price Index was down 13.3% from 2023, averaging at 113.5 points.
This marked a second consecutive annual decline from the 2022 record level.
Meanwhile, the FAO All Rice Price Index rose by 0.8% from its average 2023 level, reaching a 16-year high in nominal terms.
Although the FAO Vegetable Oil Price Index decreased by 0.5% from November, it was still 33.5% higher compared to the same period last year.
In 2024, amid tightening global supplies, the vegetable oil sub-index averaged 9.4% higher than in 2023.
In contrast to other subindices, the FAO Meat Price Index increased by 0.4% in December from November, reversing a three-month decline, and was 7.1% higher than in December 2023.
Overall in 2024, the index was 2.7% above its 2023 average, with higher quotations for bovine, ovine and poultry meats offsetting falling pig meat prices.
Following seven months of increases, the FAO Dairy Price Index declined by 0.7% from November, though it remained 17% higher than in December 2023.
For 2024, the index averaged 4.7% higher than in 2023, largely driven by a sharp rise in butter prices.
