Year-on-year change in food prices
Annual % change in the FAO Food Price Index.
About this data
The 2022 surge (+14.3%) and the 2023 correction (−13.7%) were close to symmetrical in percentage terms, but not in level — the index never returned to its 2021 base. The renewed +4.3% rise in 2025 broke a two-year run of declines.
Year-on-year change in food prices
Annual % change in the FAO Food Price Index.
Data table
| pct | year | series | source_ref | value_basis |
|---|---|---|---|---|
| 14.3 | 2022 | annual_change | fao-ffpi | FAO Food Price Index +14.3% in 2022 vs 2021 |
| -13.7 | 2023 | annual_change | fao-ffpi | FAO Food Price Index −13.7% in 2023 vs 2022 |
| -2.1 | 2024 | annual_change | fao-dec-release | FAO Food Price Index −2.1% in 2024 vs 2023 |
| 4.3 | 2025 | annual_change | fao-dec-release | FAO Food Price Index +4.3% in 2025 vs 2024 |
Methodology & sources
Last updated: Aug 14, 2026Methodology
The FAO Food Price Index tracks international prices of a basket of food commodities — cereals, vegetable oils, dairy, meat and sugar — weighted by average export shares, rebased so 2014–2016 = 100. It measures INTERNATIONAL COMMODITY prices, not retail food prices. Consumer food inflation lags it and is damped by processing, packaging, transport and retail margins, which are the larger part of a shelf price in high-income countries. A 14% move in this index does not mean a 14% move at the supermarket. Annual values are averages of the twelve monthly readings, so a sharp mid-year spike is smoothed. CAVEAT: the 2022 rise (+14.3%) and 2023 fall (−13.7%) look nearly symmetrical in percentage terms but are not in level — the index did not return to its 2021 base, and prices remain well above pre-pandemic levels. Percentage changes on an index compound; they do not cancel. Re-verified 2026-08-10.
Sources
- FAO — Food Price Index ↗ FAO — public
Comparisons are informative, not definitive. See each source for definitions and limits.