Global Food prices decline by 2.1 percent in 2024 – FAO

• World food commodity prices declined by 2.1 percent in 2024 compared to year 2023.

• The FAO’s overall Food Price Index averaged 122.0 points in 2024, a 2.6-point drop from the average value in 2023.

• Food prices also remain considerably higher — roughly 26 percent — than they were five years ago.

The United Nations Food and Agriculture Organization (FAO) has announced a 2.1 percent decline in global food commodity prices in 2024, compared to year 2023.

However, this decrease is tempered by the fact that food prices is higher – approximately 26 percent – than they were five years ago, before the COVID-19 pandemic.

The FAO’s overall Food Price index averaged 122.0 points in 2024, a 2.6-point drop from the average value in 2023.

Despite this decline, food prices experienced an onward trend over the course of the year, with the index rising from 117.6 points in January to 127.0 in December.

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This 6.7 percent increase from December 2023 to 2024 was largely driven by rises in meat, dairy, and food oil prices.

The FAO attributed the decline in food prices to decreases in cereals and sugar prices, which dropped by 13.3 percent and 13.2 percent, respectively, compared to 2023.

However, these decreases were partially offset by a 9.4 percent rise in the vegetable oil price index.

The Russia-Ukraine conflict further affected price increases, as both countries are major wheat exporters.

Nigeria’s Inflation Rate Rises Again

Nigeria’s annual inflation rate surged to 34.60% in November 2024, up from 33.88% in October, according to the National Bureau of Statistics (NBS).

The NBS report revealed that the headline inflation rate for November increased by 0.72 percentage points from the previous month.

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