High global food prices could finally bottom out in 2024, says Oxford Economics

While wheat and corn prices have fallen sharply, rice prices have risen steadily, with global supplies hampered by export restrictions imposed by India, which accounts for about 40% of the world’s rice production. Poor harvests in the country last year also pushed prices up. In contrast to the decline in wheat and corn prices, crude rice futures are up more than 8% this year.

According to the World Bank, global food prices will fall by 9% in 2023. Similarly, the United Nations Food Agency’s world price index hit a three-year low in February but rebounded slightly in March, supported by increases for dairy products, meat and vegetable oils.