2024 Food price trends: global shifts, local impacts, and what’s ahead in 2025.
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GUEST: Casey Sprake, Economist, Anchor Capital
In January 2025, the Food and Agriculture Organization (FAO) of the United Nations reported that its Global Food Price Index (FFPI), a key measure of global food commodity prices, averaged 124.9 points for the month. This represented a 1.6% decline compared to the revised December 2024 level, primarily driven by decreases in sugar, vegetable oil, and meat prices.
However, these declines were partially offset by rising prices in dairy products and cereals. Despite the monthly drop, the overall index remained 6.2% higher than in January 2024, reflecting persistent food price pressures over the past year. Nevertheless, food prices were still 22.0% lower than the peak recorded in March 2022, when global food markets faced extreme volatility due to supply chain disruptions and geopolitical tensions.
In January 2025, the Food and Agriculture Organization (FAO) of the United Nations reported that its Global Food Price Index (FFPI), a key measure of global food commodity prices, averaged 124.9 points for the month. This represented a 1.6% decline compared to the revised December 2024 level, primarily driven by decreases in sugar, vegetable oil, and meat prices.
However, these declines were partially offset by rising prices in dairy products and cereals. Despite the monthly drop, the overall index remained 6.2% higher than in January 2024, reflecting persistent food price pressures over the past year. Nevertheless, food prices were still 22.0% lower than the peak recorded in March 2022, when global food markets faced extreme volatility due to supply chain disruptions and geopolitical tensions.