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In 2024, the FAO Food Price Index was 2.1 percent lower than its 2023 average. While the December 2024 Index was higher than its December 2023 value, it also remained well below the peak prices seen in March 2022.

Rising dairy and vegetable oil prices drove the FAO Food Price Index up by 5.7 percent from November 2023 and to the highest value seen since April 2023. The Index remained more than 20 percent below the peak reached in March 2022, however.

The FAO Food Price Index rose 2 percent in October to reach its highest level since April 2023. However, the Index remained 20.5 percent below the record high seen in March 2022.

The FAO Food Price Index declined slightly in August due to falling sugar, meat, and cereal prices. The Index was just over 1 percent lower than its August 2023 value and nearly 25 percent below the peak reached in March 2022.

Declining cereal prices drove the FAO Food Price Index down slightly in July despite increasing vegetable oil, meat, and sugar prices. The Index was 3.1 percent lower than its July 2023 level and nearly 25 percent below the high seen in March 2022.