Food Prices Went Up Again in 2024 // Neutral Sentiment in Oil & Gas Industry
The Commodity Report #187
Food Prices Went Up Again in 2024
The FAO Food Price Index stood at 127.0 points in December 2024, down 0.6 points (0.5%) from its November level. The index stood 8.0 points (6.7%) above its corresponding level one year ago, yet remained 33.2 points (20.7%) below the peak reached in March 2022.
While the news is dominated by sky-high cocoa and coffee prices, you can clearly see from the data that on the one hand, vegetable oil prices were a primary driver of higher food prices throughout the year. The vegetable oil index is dominated by soy, rapeseed and sunflower oil prices as well as palm oil prices.
Dairy prices were the second big factor that drove food prices higher in 2024. The increase of the sub-index was mainly attributed to a sharp surge in butter prices (Prices in Euro climbed at the peak over 30% YoY).
Neutral Sentiment in Oil & Gas Industry
Activity in the oil and gas sector increased slightly in fourth quarter 2024, according to oil and gas executives responding to the Dallas Fed Energy Survey. The business activity index, the survey’s broadest measure of the conditions energy firms face in the Eleventh District, increased from -5.9 in the third quarter to 6.0 in the fourth quarter.
In Other News…
This week, look out for the following:
Final Services PMI and JOLTS Job Openings on Tuesday
Job Market Report as well as the WASDE Report on Friday
Research Service
If you’re an institutional investor, check out our research products for commodity-related futures or equities here.
Till next Monday, Lukas
If you have any questions in the meantime, please feel free to contact me via X or Mail.