On 3 january, fao released the global food price index for december 2024. In december 2024, the fao food price index averaged 127. 0 points, a 0. 5 per cent decline in the ring ratio. The decline in the price index for sugar, dairy products, vegetable oils and cereals fully offset the increase in meat prices. This month's index is 6. 7 per cent higher than the same period last year, but still 20. 7 per cent below its historical peak in march 2022. The food price index was 122. 0 points throughout 2024, 2. 1 per cent below the average of 2023。
The fao cereal price index averaged 111. 3 points in december, which was almost the same as the ring, a decline of 9. 3 per cent over the same period。
In december, wheat export prices remained generally stable. Lower price pressures from low international demand and increased seasonal supply from harvests in argentina and australia were offset by upward pressure from poor winter crop conditions in russia. At the same time, the world price of maize has risen slightly owing to increased export sales, tighter united states supplies and strong demand for corn originating in ukraine. Among other coarse grains, the international price of barley rose while the international price of sorghum fell. The fao rice price index fell by 1. 2 per cent in december, reflecting a decline in the price of rice and rice as a result of the slowdown in demand。
Throughout the year, the fao cereal price index averaged 113. 5 points in 2024, a decline of 13. 3 per cent compared to 2023 and a decline from its historical peak in 2022 for the second consecutive year, mainly due to lower wheat and coarse grain prices. The fao rice price index averaged 133. 1 points in 2024, an increase of 0. 8 per cent over 2023 and a nominal height of 16 years. This year's increase was supported by the indian offer, which had been at a chronic high level in the first nine months of 2024 owing to insufficient competition between strong import demand and exporters in some asian countries。
The vegetable oil price index averaged 163. 3 points in december, a 0. 5 per cent decline in the ring comparison, but an increase of 33. 5 per cent over the same period。
The small decline in the index ring is mainly a reflection of the fall in the prices of soybeans, vegetable oil and sunflower seed oil, which fully offset the small increase in palm oil prices. In december, the average international price for palm oil increased by 2. 0 per cent compared with the previous month, mainly due to continued supply strains in major producing countries in south-east asia. By contrast, world soybean oil prices have fallen mildly, influenced by strong global supply prospects and a certain weakening of demand in the united states. At the same time, world prices for vegetable oil and sunflower oil have declined as demand has contracted. Throughout 2024, against a backdrop of global supply constraints, the fao vegetable oil price index averaged 138. 2 points, an increase of 9. 4 per cent over 2023。
