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Global benchmark food commodity prices fell in December compared with the previous month, driven by a decline in international sugar prices, the United Nations Food and Agriculture Organisation (FAO) reported on Friday.
The FAO Food Price Index, which tracks monthly changes in international prices for a basket of globally traded food commodities, averaged 127.0 points in December, down 0.5% from November but up 6.7% compared with December 2023.
For 2024 as a whole, the index averaged 122.0 points, down 2.1% from the 2023 average, as sharp declines in cereal and sugar prices offset smaller but notable increases in vegetable oil, dairy and meat prices.
The FAO vegetable oil price index fell 0.5% in December compared with November, but remained 33.5% higher than its level a year earlier. Over the course of 2024, the index averaged a 9.4% increase compared with 2023, amid tightening global supplies.