The UN Food and Agriculture Organization (FAO) reports a 2.1 percent decline in global food commodity prices in 2024 compared to the previous year. While prices have eased from their pandemic highs, they are still significantly higher than pre-Covid levels, with a 26 percent increase compared to five years ago. The FAO's Food Price Index averaged 122.0 points in 2024, driven by increases in meat, dairy, and vegetable oil prices, offsetting decreases in cereals and sugar.
PARIS — World food commodity prices declined by 2.1 percent in 2024 compared to the previous year, the UN Food and Agriculture Organization said on Friday, but they remain considerably higher than before the Covid-19 pandemic. FAO 's overall Food Price Index averaged 122.0 points 2.6 points or 2.1 percent lower than the average value in 2023.However, food prices increased over the course of the year, with the index climbing from 117.6 points in January to 127.0 in December.The index rose 6.
Food prices also remain considerably higher roughly 26 percent than they were five years ago.The disruption to global trade during the Covid-19 pandemic initially saw food prices dip but they later climbed higher amid the surge in inflation as the global economy rebounded.
FOOD PRICES FAO GLOBAL ECONOMY UN INFLATION
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