In 2024, the average value of the basic indicator of world prices for food products was 2.1 percent below the corresponding level of 2023. This is evidenced by data published by the Food and Agricultural Organization of the United Nations (FAO) in December.
In this case, in December, the average value of the FAO food price index, which allows you to monitor the fluctuations of world prices for food products, amounted to 127.0 points, which is 0.5 percent lower than its November level, but 6.7 percent higher than the corresponding indicator for December 2023.
“According to the results of 2024, the value of the IPCF amounted to 122.0 points, which is 2.1 percent lower than the average level of 2023: a significant decrease in grain and sugar quotations was recorded against the background of not so significant, but still tangible increase in prices for vegetables oils, dairy products and meat, ”the FAO said in a message.
Against the background of improving views of the sugarcane crop in the main manufacturers, the most significant of all in comparison with the previous month, by 5.1 percent, the value of the FAO sugar price index, which is 10.6 percent below the level of December 2023, decreased. According to the results of 2024, the average value of the FAO sugar price index turned out to be 13.2 percent lower than last year’s level.
The value of the FAO vegetable oil index in December decreased by 0.5 percent compared to its November indicator, but still 33.5 percent exceeded the level of the corresponding period of the last year. According to the results of 2024, against the background of a reduction in supply in world markets, the average value of the price of the vegetable oils of the FAO by 9.4 percent exceeded the corresponding indicator of 2023.
In December, the value of the price index for grain FAO practically did not change compared to the Noyabrian indicator, turning out 9.3 percent lower than the same period last year: a slight increase in corn quotations compensated for a decrease in wheat quotations. According to the results of 2024, the average value of the price index for grain FAO was 113.5 points, which is 13.3 percent lower than the corresponding indicator for 2023; A decrease in the average value of this index, which in 2022 reached a record level, has been going on for the second year in a row.
Unlike other subhyndexes, after three months of continuous decrease, the value of the FAO meat index in December increased 0.4 percent compared to its November indicator and turned out to be 7.1 percent higher than its level of December 2023. According to the results of 2024, the average value of the FAO meat price index by 2.7 percent exceeded the corresponding level of 2023.