Source: Oleoscope (Russia)
In December 2024, the FAO Food Price Index (FPI) stood at 127 points, down 0.6 points (0.5%) from its November value, as declines in sugar, dairy, vegetable oils and cereals more than offset increases in the meat price index. The value of the index was 8 points (6.7%) higher than the corresponding index of the previous year, but still 33.2 points (20.7%) below its peak level recorded in March 2022. At the end of 2024, the CPIF value was 122 points, 2.1% below the average for 2023.
The FAO Vegetable Oils Price Index averaged 163.3 points in December, down 0.5 percent from the previous month but still 33.5 percent above last December.
The recorded slight decrease was primarily due to lower prices for soybean, rapeseed and sunflower oils amid a moderate increase in palm oil prices. In December, global palm oil quotations grew by 2% on average compared to the previous month, which was due to a reduction in supply in the leading producing countries of Southeast Asia. In contrast, global soybean oil prices showed a moderate decline, supported by high global supply and some weakening of demand in the United States. At the same time, global prices for rapeseed and sunflower oils also declined due to weaker demand, the Food and Agriculture Organization of the United Nations noted.
At the end of 2024, the FAO Vegetable Oils Price Index is 138.2 points, 11.9 points or 9.4 percent higher than in 2023, on the back of reduced global supply.
The FAO Cereal Price Index for the year was 113.5 points, 13.3 percent lower than in 2023 due to lower wheat and coarse grains prices, the second consecutive year of decline in the average value of the index, which reached a record high in 2022.