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On December 6th local time, the Food and Agriculture Organization of the United Nations released data showing that the food price index for November 2024 was 127.5 points, an increase of 0.5% month on month, reaching a new high since April 2023.
The data shows that the increase in prices for dairy products and vegetable oils largely offset the decline in prices for meat, grains, and sugar. Compared with historical levels, the food price index in November increased by 5.7% compared to the same period last year, which is 20.4% lower than the historical peak of 160.2 points in March 2022.
Among them, due to intensified market competition and sluggish international demand, the FAO Grain Price Index decreased by 2.7% month on month; Palm oil, rapeseed oil, soybean oil, and sunflower seed oil prices have increased, leading to a 7.5% rise in the vegetable oil price index; Due to the combination of global demand rebound and seasonal decline in dairy production in Western Europe, the dairy product price index increased by 0.6% month on month, a significant increase of 20.1% compared to the same period last year.
The Food and Agriculture Organization of the United Nations also released the "Grain Supply and Demand Briefing" on the same day, with the latest forecast for global grain production in 2024 being 2.841 billion tons, slightly lower than last month, a year-on-year decrease of 0.6%, but still the second highest on record. This adjustment is mainly due to the downward adjustment of corn and wheat yield forecasts. The latest forecast for world cereal consumption for 2024-2025 is 2.859 billion tons, an increase of 1.8 million tons from last month and 0.6% higher than 2023-2024.