Food Prices Surge in 2024 After Decline in 2023

The FAO Food Price Index (FFPI) rose by 6.7% year-over-year (YoY) in December 2024, reversing the 10.5% decline recorded in the same period of 2023. The rebound was driven by significant price increases for oils (+33.5%), dairy (+17.0%), and meat (+7.1%). In contrast, cereals and sugar experienced notable price declines of 9.3% and 10.6%, respectively.