Food prices fell by 2.1% in 2024 in the world compared to the previous year, mainly due to the decrease in global prices of cereals and sugar, the world’s Food and Agriculture Organization (FAO) announced.

The price index, compiled by that United Nations agency, which tracks the fluctuation of international prices in a basket of basic products, fell by 13.3% for cereals compared to 2023 and by 13.2% for sugar during the same period.

These decreases were partially offset by increases in the prices of vegetable oils (+9.4%), dairy products (4.7%, mainly due to the increase in butter prices) and meats (2.7%).

After the large rise in the prices of cereals, especially wheat, which was recorded after the Russian invasion of Ukraine, the prices have not stopped falling and have now return on their pre-war prices in international markets.

The decrease in the price of sugar was mainly due to “Brazil’s record exports during the year” as well as “the positive outlook for global supply”.

Despite a very slight decline in December, annual oil prices remained high, mainly due to the rise of this palm oil in a context of “global supply reduction”.