World food prices drop 2.1 percent in 2024, still higher than pre-pandemic levels
(MENAFN) According to the FAO, global food commodity prices fell by 2.1 percent in 2024 compared to the previous year, though they remain significantly higher than before the Covid-19 pandemic.
The United Nations Food and Agriculture Organization’s overall Food Price Index averaged 122.0 points, 2.6 points (or 2.1 percent) lower than the 2023 average.
Despite the annual decline, food prices increased throughout the year, with the index rising from 117.6 points in January to 127.0 points in December.
From December 2023 to December 2024, the index climbed by 6.7 percent, driven by increases in meat, dairy, and food oils.
The UN food agency monitors monthly global price changes for a set of internationally traded commodities.
Food prices are still about 26 percent higher than five years ago. The disruption of global trade during the Covid-19 pandemic initially led to a drop in food prices, but they subsequently surged as inflation rose during the global economic recovery.
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