(Finance) – I Food commodity prices fell in December compared to the previous month, driven by a decline in international prices of sugaraccording to what emerges from the index of the United Nations Food and Agriculture Organization (FAO).
The FAO food price index, which tracks monthly changes in international prices of a range of globally traded food commoditiesaveraged 127.0 points in December, down 0.5 percent from November and up 6.7 percent from December 2023.
For the 2024 as a wholethe index recorded 122.0 points, the 2.1 percent less compared to the average value of 2023, offsetting significant drops in the prices of cereals and sugar with smaller but not insignificant increases in the prices of vegetable oils, dairy products and meat.
The price index of cereals FAO report in December remained relatively unchanged from November and 9.3 percent below the previous year’s level, as a marginal increase in corn prices offset a decline in wheat prices. For 2024 as a whole, the FAO Cereal Price Index averaged 113.5 points, down 13.3 percent from the 2023 level, marking a second annual decline from 2022’s record level The price index of all rice of FAO increased by 0.8 percent from the 2023 average level, representing a 16-year high in nominal terms.
The price index of vegetable oils of FAO in December fell 0.5 percent compared to November, although still 33.5 percent higher than the previous year’s level. For 2024 as a whole, the FAO Vegetable Oil Price Index averaged 9.4 percent higher than in 2023, amid shrinking global supplies.
The price index of meat of the FAO, unlike other sub-indexes, increased by 0.4 percent in December compared to November, ending a three-month downward trend, and stood at 7.1 percent higher than the December 2023 value In 2024 as a whole, the FAO Meat Price Index was 2.7 percent above the 2023 average, with higher prices for beef, sheep and poultry. which offset the drop in international prices for pork.
The price index of dairy products of FAO fell after seven consecutive months of increases, falling 0.7 percent from November, although still 17.0 percent higher than the December 2023 value. For 2024 as a whole, the food price index FAO dairy products averaged 4.7 percent higher than in 2023, mainly due to higher butter prices.
The price index of sugar FAO led the monthly decline, falling 5.1 percent from November, amid improving sugarcane crop prospects in major producing countries to 10.6 percent below the December 2023 level. In 2024 as a whole, the FAO Sugar Price Index averaged 13.2 percent lower than in 2023.