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FAO: food price index 6.7% higher than one year ago

16/01/2025

Press release
Antartica
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Latest FAO analysis show that world food prices slid overall in 2024 compared to the previous year, despite steady monthly increases for most of 2024, primarily driven by dairy, meat and vegetable oil prices.

 The FAO Food Price Index (FFPI) consists of the average of five commodity group price indices mentioned above, weighted with the average export shares of each of the groups for 2014-2016: in total 95 price quotations considered by FAO commodity specialists as representing the international prices of the food commodities are included in the overall index, with the base period price consisting of the averages for the years 2014-2016.
According to the latest report released by FAO on January 3, 2025, the FAO Food Price Index stood at 127.0 points in December 2024, down 0.6 points (0.5%) from its November level, as decreases in the price indices for sugar, dairy products, vegetable oils and cereals more than offset increases in meat. The index stood 8.0 points (6.7%) above its corresponding level one year ago, yet remained 33.2 points (20.7 %) below the peak reached in March 2022. For 2024 as a whole, the index recorded 122.0 points, 2.6 points (2.1%) lower than the average value in 2023.

Some complementary data
The FAO Food Price Index (FFPI) is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices weighted by the average export shares of each of the groups over 2014-2016. A feature article published in the June 2020 edition of the Food Outlook presents the revision of the base period for the calculation of the FFPI and the expansion of its price coverage, to be introduced from July 2020. A November 2013 article contains technical background on the previous construction of the FFPI.

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Source: FAO