According to Oxford Economics, global food prices are expected to decline in 2024, offering some relief for shoppers.
The world's food prices are expected to decline and see a bottom this year, offering some relief for shoppers' wallets, said Oxford Economics.
"Our baseline forecast is for world food commodity prices to register an annual decline this year, reducing pressure on food retail prices further downstream," the economic advisory firm wrote in a recent note. Wheat and maize, along with rice, account for over half of global caloric intake. That means the direction of their prices will critically influence consumers' food budgets around the world, the report pointed out., which accounts for around 40% of the world's rice production. Poor harvests in the country last year also pushed prices higher. Contrary to the slump seen in wheat and maize prices, rough rice futures have gained over 8% year-to-date., according to the World Bank.
That said, Oxford Economics noted that risks to its food price forecast are still "overwhelmingly skewed to the upside," with adverse weather conditions on the cards.as West African farmers battle with inclement weather and disease. If poor weather conditions persist, harvest prospects could be impaired in other key crop growing regions, the note added.
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