World Food Prices Dip 2% In 2024

2025-01-06 05:04:21

(MENAFN- The Peninsula) AFP

Paris: World food commodity prices declined by 2.1 percent in 2024 compared to the previous year, the FAO said, but they remain considerably higher than before the Covid-19 pandemic.

The UN Food and Agriculture Organization'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 6.7 percent from December 2023 to 2024, with meat, dairy and food oils accounting for the increase.

The United Nations' food agency tracks monthly and global changes in the international prices of a set of globally traded commodities.

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.

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