World Food Prices Dip 2% In 2024 — FAO

The New Diplomat
Writer

Ad

The 10 Youngest Billionaires On The 2025 Forbes 400 List

The average billionaire on The Forbes 400 ranking of America’s richest people is 70 years old, and 23 of the list’s members are in their 90s, including land and lumber mogul Archie Aldis Emmerson, who is the oldest, at 96. But a select few lucky billionaires have managed to amass at least $3.8 billion—this year’s record-breaking minimum net…

2027: Jonathan, Peter Obi meet behind closed doors in Abuja

By Obinna Uballa The 2023 Labour Party (LP) presidential candidate, Peter Obi, on Thursday held a closed-door meeting with former President Goodluck Jonathan in Abuja. Obi, who disclosed the meeting in a post on his official X handle, described Jonathan as an “elder brother, statesman, and leader.” He said their talks centred on the state…

Exclusive! VP Shettima to Represent Tinubu at 2025 UNGA in New York

By Abiola Olawale Baring any last minute change of schedule, Vice President Kashim Shettima would represent President Bola Ahmed Tinubu of Nigeria at the 80th session of the United Nations General Assembly (UNGA) in New York, The New Diplomat has gathered. The New Diplomat's checks reveal that the development will make it the second consecutive…

Ad

World food commodity prices declined by 2.1 percent in 2024 compared to the previous year, the FAO said on Friday, 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.

Russia’s invasion of Ukraine in February 2022 sent them spiking to records, since both nations are major wheat exporters, but efforts to ensure shipments were not blocked led to prices easing lower until the beginning of 2024.

The dip in the average value for the index between 2023 and 2024 was mainly due to falls in cereals and sugar prices.

Cereals dropped 13.3 compared to 2023 and the FAO’s sugar price index fell 13.2 percent.

The decreases were offset in part by a 9.4-percent rise in the vegetable oil price index.

CHANNELS TV

Ad

Unlocking Opportunities in the Gulf of Guinea during UNGA80
X whatsapp