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In 2024, the FAO Food Price Index was 2.1 percent lower than its 2023 average. While the December 2024 Index was higher than its December 2023 value, it also remained well below the peak prices seen in March 2022.
The December Cereal Price Index was 9.3 percent lower than its December 2023 levels. Wheat prices remained stable month-to-month in December due to slowing demand and ongoing harvests in some producing areas. Maize prices rose slightly in December due to strengthening demand and tightening supplies in the US. Rice prices fell in December due to slowing demand but was up in 2024 overall to reach a 16-year record. For 2024 overall, the Cereal Price Index was down 13.3 percent from 2023, driven mainly by falling wheat and coarse grain prices.
The Vegetable Oil Price Index declined by 0.5 percent in December but remained 33.5 percent higher than its 2023 level. Palm oil prices increased in December due to tightening supplies, while soy oil prices fell based on slowing demand from the US and high anticipated global supplies. In 2024 overall, the Vegetable Oil Price Index was up 9.4 percent.
The Meat Price Index rose 0.5 percent in December and 3.1 percent in 2024 overall. Dairy prices fell by 0.7 percent in December but rose 4.7 percent in 2024, while the Sugar Price Index declined 5.1 percent in December and 13.2 percent in 2024 overall.