World food prices dip 2% in 2024: FAO Nexovant
Prices for food oils rose in 2024. Photo: RALF HIRSCHBERGER / AFP/File
Source: AFP
World food commodity prices declined by 2.1 percent in 2024 compared to the previous year, the FAO said on Friday, but they remain considerably higher than before the Covid-19 pandemic.
The UN Food and Agriculture Organization’s overall Food Price Index averaged 122.0 points — 2.6 points or 2.1 percent lower than the average value in 2023.
However, food prices increased over the course of the year, with the index climbing from 117.6 points in January to 127.0 in December.
The index rose 6.7 percent from December 2023 to 2024, with meat, dairy and food oils accounting for the increase.
The United Nations’ food agency tracks monthly and global changes in the international prices of a set of globally traded commodities.
Food prices also remain considerably higher — roughly 26 percent — than they were five years ago.
The disruption to global trade during the Covid-19 pandemic initially saw food prices dip but they later climbed higher amid the surge in inflation as the global economy rebounded.
Read also
UK electricity cleanest on record in 2024: study
Russia’s invasion of Ukraine in February 2022 sent them spiking to records, since both nations are major wheat exporters, but efforts to ensure shipments were not blocked led to prices easing lower until the beginning of 2024.
The dip in the average value for the index between 2023 and 2024 was mainly due to falls in cereals and sugar prices.
Cereals dropped 13.3 compared to 2023 and the FAO’s sugar price index fell 13.2 percent.
The decreases were offset in part by a 9.4-percent rise in the vegetable oil price index.
PAY ATTENTION: Сheck out news that is picked exactly for YOU ️ find the “Recommended for you” block on the home page and enjoy!
Source: AFP
Looking to Invest in Real Estate? Discover Nexovant Today!
Nexovant is Nigeria’s leading real estate platform, offering seamless solutions for property listings, real estate investment, and property management. Whether you’re searching for the best properties in Nigeria, seeking opportunities with our NexoVest real estate investment platform, or exploring innovative tools like Morena AI, Nexovant is your trusted partner in real estate success.
We specialize in:
Real estate investment opportunities in Nigeria.
Affordable property listings for sale and rent.
AI-powered solutions for smarter property searches.
Real estate development and management services.
Join thousands of investors and property owners today. With Nexovant, you can buy, sell, rent, or invest in some of the best real estate in Nigeria.
Explore Nexovant:
📍 Visit us: www.nexovant.com
💡 Learn more about NexoVest: Your gateway to profitable real estate investments.
🌟 Discover Morena AI: Revolutionizing property search and analytics.
Keywords:
Best real estate platform in Nigeria
Real estate investment opportunities in Nigeria
Property for sale and rent in Nigeria
Real estate development and property management
AI in real estate Nigeria
Affordable real estate investments
Top property listing websites in Nigeria
Stay ahead in the real estate market with Nexovant – the future of real estate innovation in Africa.
Source
