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Quick notes on global food prices
Global food prices have risen slightly. On October 4, the FAO released its Global Food Price Index results for September 2024, a measure of the monthly change in international prices of a basket of food commodities.
The Global Food Price Index showed a 3% increase from August to 124 points in September 2024. The monthly price increase was broad-based across all major commodities or sub-indices: meat, dairy, cereals, vegetable oils, and sugar.
There are varied reasons for price upticks in these products, mainly related to slightly tight supply in some, weather concerns in some, and strong demand in some products like dairy and meat.
The FAO’s Global Food Price Index is now 2% up from September 2023.
Still, the current reading of the Global Food Price Index is 22% below its peak of 160.3 points reached in March 2022.
-Wandile Sihlobo, Email: wandile@agbiz.co.za
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