The price index calculated by FAO, which monitors the evolution of international prices for a basket of basic products, recorded a drop of 13.3% for cereals compared to 2023 and 13.2% for sugar during the same period.

These falls were offset by the increase in the prices of vegetable oils, which rose 9.4%, dairy products, which rose 4.7%, especially butter, and meat, which rose 2.7%.

"Downward pressure exerted by weak international demand and increased seasonal crop supply in Argentina and Australia were offset by upward pressure exerted by poor winter crop conditions in Russia," the report says.

According to the organisation, world corn prices rose slightly, "supported by a slight increase in export sales and a reduction in supply in the United States, as well as strong demand from Ukraine."

The drop in sugar prices is mainly due to "record exports in Brazil during the year" and "positive prospects for world supply in the 2024/25 harvest".

Despite a slight drop in December, annual oil prices remained high, driven by palm oil, in a context of "constrained global supply".