Seun Ibukun-Oni, Abuja
DAILY COURIER – Global food commodity prices decreased by 2.1% in 2024 compared to the previous year, according to a report released by the United Nations Food and Agriculture Organization (FAO) on Friday. Despite the decline, prices remain significantly higher than pre-pandemic levels, highlighting the lingering impact of global economic and geopolitical challenges.
The FAO’s Food Price Index, which tracks monthly changes in international prices of a basket of globally traded food commodities, averaged 122.0 points for 2024. This marks a 2.6-point reduction compared to 2023. However, the report noted a progressive increase in food prices throughout the year, with the index rising from 117.6 points in January to 127.0 points in December—a 6.7% surge over the year’s end.
Key contributors to this late-year increase were higher prices for meat, dairy, and vegetable oils. These categories offset the declines seen in cereals and sugar, which fell by 13.3% and 13.2%, respectively, compared to 2023.
Food prices remain approximately 26% higher than their levels five years ago, reflecting the cumulative effects of the COVID-19 pandemic, geopolitical tensions, and inflationary pressures. Initial disruptions to global trade during the pandemic saw a temporary dip in food prices, but subsequent economic recovery triggered inflation, driving prices higher.
Russia’s invasion of Ukraine in February 2022 further exacerbated global food price volatility. Both nations are major exporters of wheat, and the conflict led to record-high prices. While efforts to ensure uninterrupted shipments moderated prices in 2023, the FAO noted that prices began climbing again at the start of 2024.
The FAO emphasized the critical role of continued international cooperation to stabilize food markets and mitigate the adverse effects of fluctuating commodity prices on global food security. The report serves as a stark reminder of the fragile balance within global food systems and the need for sustainable strategies to protect vulnerable populations.
