Despite steady growth for most of the year, the FAO Food Price Index in 2024 remained lower than in 2023

In December 2024, the FAO Food Price Index (FPI) decreased by 0.5% or 0.6 points compared to November to 127 points, which was 6.7% or 8 points higher than the December 2023 figure, but was 20.7% or 3.2 points lower than the peak in March 2022. At the end of 2024, the average value of the PPI was 122 points, which is 2.1% or 2.6 points lower than the average value of the PPI for 2023 due to a decrease in the price indices for sugar, dairy products, vegetable oils, and cereals.

The FAO Cereal Price Index in December was almost unchanged compared to November and amounted to 111.3 points, which is 9.3% or 11.5 points lower than the figure for December 2023.

Wheat export prices were little changed in December, as pressure from weaker global demand and seasonally increased supplies from Australia and Argentina was offset by adverse winter weather in the Russian Federation. Maize prices rose slightly on the back of stronger export demand and tighter supply in the United States. Barley prices also rose, while sorghum prices fell. The FAO All-Rice Price Index fell 1.2% in December as demand fell.

The average value of the FAO Cereal Price Index for 2024 was 113.5 points, which is 13.3% or 17.4 points lower than the corresponding indicator in 2023, while in 2022 it reached a record level.

The average value of the FAO Price Index for all types of rice in 2024 was 133.1 points, which is 0.8% higher than in 2023 and is the maximum value in the last 16 years. This is due to the increase in prices for Indian rice varieties against the background of active demand from Asian countries and reduced competition among exporters in the first 9 months of 2024.