Global food prices dropped by 2.1 percent In 2024 – FAO

[Postmaster]

BOOK INTERNATIONAL FLIGHTS TICKETS LOCAL FLIGHTS HOTELS BOOKINGS WORLDWIDE AND MORE AT CHEAPEST RATE EVER! CLICK HERE TO BOOK YOUR FLIGHT AND RECEIVE YOUR FLIGHT TICKET INSTANTLY

Global food commodity prices declined by 2.1 percent in 2024 compared to the previous year.

This is according to recent data from the Food and Agriculture Organisation of the United Nations.

Despite the decline in global commodity prices, FAO said that prices remain significantly higher than pre-Covid-19 levels.


The FAO’s overall Food Price Index averaged 122.0 points in 2024, representing a decline of 2.6 points, or 2.1 percent, from the average value in 2023.

Despite this yearly decrease, food prices rose over the course of 2024, with the index increasing from 117.6 points in January to 127.0 in December—a 6.7 percent rise over the year, driven by increases in meat, dairy, and vegetable oil prices.

Recall that global food prices initially declined during the COVID-19 pandemic due to trade disruptions but subsequently soared amid surging inflation as the global economy recovered.

This comes as Russia’s invasion of Ukraine in February 2022 caused prices to spike to record highs, given that both nations are major wheat exporters. However, efforts to maintain shipments allowed prices to ease until early 2024.