According to the Food and Agriculture Organization (FAO), global food prices fell by 2.1% in 2024 compared to the previous year, primarily due to significant decreases in the prices of grains and sugar. The FAO reported a 13.3% drop in cereal prices and a 13.2% decrease in sugar prices. Despite these declines, prices for vegetable oils, dairy products, and meats saw increases. Wheat export prices remained stable, while corn prices rose slightly due to higher export sales and supply tightening in the U.S., along with strong demand for Ukrainian products.