Food Price Index Decline in Russia at the End of 2024: From Dairy Products to Sugar

Overall, the food price index for 2024 was 122.0 points, 2.1% below the 2023 level. Cereal prices were virtually unchanged, but the average index fell by 9.3% compared to last year. Global prices for wheat and other feed grains have been declining for the second year in a row.

Specifically, vegetable oil prices in December amounted to 163.3 points, which is 33.5% higher than their level in December last year. MEAT prices increased by 7.1% compared to last year. At the same time, prices for dairy products and SUGAR , as in previous months, show a downward trend. In 2024, average price indices for dairy products and sugar increased relative to 2023, with significant fluctuations depending on supply and demand in world markets.