World Bank predicts significant drop in global food prices in 2025
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The World Bank has recently released its April 2024 Commodity Outlook Report, which predicts a substantial drop in global food prices in 2024, with a projected 6 per cent decrease, followed by an additional 4 per cent decline in 2025.This decrease is mainly attributed to lower prices for grains, oils, and meals, while other foods are expected to see price gains in 2024. However, 2025 is projected to bring broad-based declines in food prices.The grains price index is forecasted to fall by 11 per cent in 2024, driven by higher global grain supplies. Wheat prices are expected to decline by 15 per cent in 2024 due to elevated production, with a further 2 per cent decrease in 2025.These projections come amidst strong export competition and marginally higher production, countered by somewhat greater consumption and the lowest end-of-season stocks-to-use ratio in eight years.Global maize production is set to reach an all-time high in the 2023–24 seasons, while global rice production in 2023-2...