THE GLOBAL WINDOW OF TURKISH FOOD AND AGRICULTURE The Global Window of Turkish Food and Agriculture Sector
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Press release…
The FAO Food Price Index (FFPI) stood at 127.0 points in December 2024, down 0.6 points (0.5 per cent) from November. This decline was driven by decreases in the price indices for sugar, dairy products, vegetable oils and cereals, offsetting increases in meat prices. The FFPI was 8.0 points (6.7 per cent) above its level a year ago and 33.2 points (20.7 per cent) below the peak reached in March 2022. In 2024, the FFPI stood at 122.0 points, 2.6 points (2.1 per cent) below the average value in 2023.
The FAO Cereals Price Index remained relatively unchanged in December, averaging 111.3 points. This index is 11.5 points (9.3 per cent) below its year-ago level. Wheat export prices remained broadly stable. Increased seasonal supply and weak international demand offset downward pressure from harvests in Argentina and Australia with upward pressure from poor winter crop conditions in the Russian Federation. World maize prices edged up, supported by higher export sales and supply tightness in the United States as well as strong demand for Ukrainian products. Among other coarse grains, world barley prices increased, while sorghum prices decreased. Rice prices, on the other hand, declined in Indica and fragrant rice quotations due to the slowdown in demand. In 2024, the FAO Cereal Price Index averaged 113.5 points, down 17 points.
As a result, the FAO Food Price Index recorded a slight decline in December 2024, remaining at an important level. This decrease was offset by declines in some other price indices. Cereal prices were relatively unchanged, while world maize prices increased slightly. Prices of other coarse grains moved in different directions. Rice prices fell due to the slowdown in demand, which was offset by higher meat prices. As a result of these developments, the FAO Cereal Price Index declined slightly in 2024. In general, food prices are characterised by stability and some fluctuations, driven by international demand, supply conditions and other factors…
