Global meals commodity costs declined by 2.1% in 2024 in comparison with the earlier yr, the United Nations meals company stated on Friday, however they continue to be significantly increased than earlier than the COVID-19 pandemic.
The U.N. Food and Agriculture Organization’s (FAO) total Food Price Index averaged 122.0 factors final yr – 2.6 factors or 2.1% decrease than the typical worth in 2023 – offsetting vital decreases in quotations for cereals and sugar with smaller will increase in costs for vegetable oils, dairy and meats.
However, meals costs elevated over the course of the yr, with the index climbing from 117.6 factors in January to 127.0 in December. Last month’s determine was down from a barely revised 127.6 in November.
The index rose 6.7% from December 2023 to 2024, with meat, dairy and meals oils accounting for the rise.
The United Nations’ meals company tracks month-to-month and international modifications within the worldwide costs of a set of worldwide traded commodities.
Food costs additionally stay significantly increased – roughly 26% – than they have been 5 years in the past.
The disruption to international commerce through the COVID-19 pandemic initially noticed meals costs dip however they later climbed increased amid the surge in inflation as the worldwide economic system rebounded.
Russia’s invasion of Ukraine in February 2022 despatched them spiking to information, since each nations are main wheat exporters, however efforts to make sure shipments weren’t blocked led to costs easing decrease till the start of 2024.
The dip within the common worth for the index between 2023 and 2024 was primarily resulting from falls in cereals and sugar costs.
Cereals dropped 13.3% in comparison with 2023 and the FAO’s sugar worth index fell 13.2%. The decreases have been offset partly by a 9.4% rise within the vegetable oil worth index.
Source: www.dailysabah.com