In November 2024, global food prices rose to their highest level since April 2023. This sharp increase mainly came from costlier vegetable oils and dairy products. The data shows that certain categories surged while others went down.
Overall, the market has become more uncertain, prompting closer attention from producers, buyers, and analysts.
- Overall, food prices have been at their peak since April 2023
- Vegetable oils rose sharply
- Dairy costs continued climbing
Vegetable Oils and Dairy Surge Upwards
Vegetable oils experienced a strong jump, growing by 7.5% to levels not seen since July 2022. Higher demand for palm, rapeseed, soy, and sunflower oils increased these prices.
Dairy products also increased, with milk powders leading the gains as global buyers returned to the market with more robust purchasing orders.
Cereals, Sugar, and Meat Prices Ease
Cereal prices dipped by 2.7% due to abundant wheat supplies and improving harvest conditions for the coming year. Sugar costs dropped by 2.4%, largely influenced by the start of the crushing season in India and Thailand and better crop prospects in Brazil.
Meanwhile, meat prices slipped slightly, mainly reflecting lower international pig meat quotations.