AMIS Market Monitor

The FAO Food Price Index continued its decline in February, falling marginally due to declines in cereal and vegetable oil prices. The February Index was down 10.5 percent from its 2023 level.

In the face of escalating conflicts, economic slowdowns and downturns, and the growing climate crisis, the Agricultural Market Information System (AMIS) plays a crucial role in enhancing transparency and policy coordination in international food markets, Maximo Torero, Chief Economist of the Food and Agriculture Organization of the United Nations (FAO), has said.

Speaking at an expert panel at the Global Forum for Food and Agriculture (GFFA) 2024 in Berlin, he stressed how AMIS has helped to prevent unexpected price hikes and strengthen global food security.

The FAO Food Price Index remained stable in November, with increased vegetable oil, dairy, and sugar prices balanced by falling cereal and meat prices. The November 2023 Index was 10.7 percent below its 2022 level.

The Cereal Price Index decreased by 3 percent in November to reach nearly 20 percent below its November 2022 level. Maize prices fell most significantly in November due to increased sales in Argentina and higher seasonal supplies in the U.S. Wheat prices also fell, albeit less sharply, due to ongoing harvests in Russia. Rice prices remained stable in November.

Food prices continued to decline, albeit more slowly, in October, according to the latest FAO Food Price Index. The Index was down 0.5 percent from September and 10.9 percent from October 2022.

Food prices fell by 0.8 percent in January, according to the FAO Food Price Index. This latest decline brings the Index to the lowest point seen since its peak in March 2022.