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World Escalation in Food Prices

02/05/2024

On February 5th the United Nations Food and Agricultural Organization published the Index of Food Commodities for January 2024.  A sequential 12-month reduction in food prices is evidenced by the 10.0 percent decrease in the Index from 131.1 in February 2023 to  the most recent value of 118.1. The index was down 0.1 percent from December 2023.

 

Lower component indices were recorded:-

  • The Cereal Index was down 17.9 percent from February due to lower corn and wheat prices but offset by a raise for rice,
  • The Vegetable Oil Index was down 9.9 percent from February with lower soy and palm oils but higher sunflower oil on increased demand .
  • The Dairy Index was down 14.3 percent from February
  • The Meat index was down 3.1 percent from February with lower poultry prices and decreased demand for pork in China relative to production

 

Restoration of Black Sea shipping using the ‘Humanitarian Corridor’ along the eastern seaaboard reduced concern over availability of grains and oilseeds and contributed to a moderation in prices for commodities.