The UN FAO Food Price Index fell -0.5% MoM to 127.0 in December, but the index is still up 6.7% YoY. For 2024 as a whole, the monthly average was -2.1% less than the 2023 average. The general tracker of good prices is down -33.2 pts or -20.7% from its latest peak in March 2022.

To end the year, decreases in the price indices for sugar, dairy products, vegetable oils and cereals more than offset increases in meat. The Cereal Price Index is the main segment down on an annual basis, down -9.3% YoY as of December. The Meat Price Index, on the other hand, has seen strong demand push it up 7.9% YoY. The index with the largest annual move is the Vegetable Price Index, up 33.5% YoY.