Global food prices are recovering

Compiled 5 December, updated 7 December 2024

Almost simultaneously, the OECD and FAO sounded the alarm on the persistence of inflation.

1. theOECD did so on services prices
2. the FAO on food commodities. We focus on the latter: WORLD FOOD INDEX

The FAO calculates its monthly Food Price Index. The index monitors the global prices of 5 food baskets

• cereals🍚
• meat🥩
• vegetable oils🌳
• dairy products🥛
• sugar🍭

The index calculates the average price of commodities and is at its highest since April 2023.

In October alone, the index rose by 2%.

If we look at the data from January and October:

• Vegetable oils 24% saw the strongest increase
• Dairy products 17%
• Meat 10%

On the other hand, they saw falling prices

• sugar -5%
• cereals -4.5%

Sources : Inglobando and FAO

Below : ” The FAO Food Price Index (FFPI) averaged 127.4 points in October 2024, up 2 percent from its revised September level and the highest since April 2023.

Price quotations of all commodities in the index, except meat, rose, with vegetable oils recording the largest increase at 7.3 per cent.

Compared to historical levels, the FFPI in October was 5.5% higher than the corresponding value a year ago.

But it remained 20.5 per cent below the peak of 160.2 points reached in March 2022, as inflation exploded due to Covid- 19 and the war in Ukraine.