Global Food Prices Drop 2.1% in 2024, According to FAO Index
The global prices of food commodities in 2024 decreased by 2.1% compared to the previous year, according to the Food and Agriculture Organization (FAO) price index, which tracks international price variations of basic products. This decline was marked by a 13.3% drop in cereal prices and a 13.2% decrease in sugar prices. On the other hand, prices of vegetable oils, dairy products, and meat increased by 9.4%, 4.7%, and 2.7%, respectively, mitigating the overall downward trend.
In December, the FAO food price index recorded a monthly decrease of 0.5%, reaching 127.0 points, driven by a significant drop in sugar prices, which fell by 5.1% compared to November. Cereal prices remained generally stable over the month, although they decreased by 9.3% compared to December 2023. Rice prices reached a 16-year high, while corn and wheat prices showed contrasting trends. Vegetable oil prices also fell slightly (-0.5%), but remained 33.5% above their level of the previous year.
Finally, meat prices increased by 0.4% in December, with an annual increase of 7.1% compared to December 2023. The dairy product price index, on the other hand, decreased by 0.7% after seven months of increases, but remained 17% higher than its level at the end of 2023.
It is worth noting that the National Institute of Statistics announced that the inflation rate in Tunisia in December 2024 fell to 6.2%.
