Attachments
Global food prices showed a slight upward trend in the first nine months of 2024, driven by ongoing geopolitical conflicts, the impact of the El Niño phenomenon on global trade and agriculture especially in the first half of 2024, and the imposition of food export restrictions by major producing countries.
In September 2024, the FAO global food price index rose by 3% compared to August 2024 (MoM) and 2.1% compared to September 2023 (YoY), driven by price increases across all commodities included in the index. However, the FAO all rice price index shown a 0.7% decrease MoM and 6.1% decline YoY.
Global rice prices are projected to further increase in 2024, by 6%, following a 28% price spike in 2023. These rising prices, driven by increased demand and reduced supply, are raising concerns about global food security, especially given that rice is a staple food for over three billion people.
However, in September 2024, the global rice production, projected by USDA, remained high in 2024/2025 due to increased harvesting areas worldwide, including in Cambodia. Additionally, by end of September 2024, India lifted its ban on rice exports, which is expected to drive global rice prices lower in the coming months.
To understand how global shocks impact food availability and accessibility, and market functionality in Cambodia, the World Food Programme (WFP) tracks primary food prices and market dynamics across 58 markets nationwide. Since January 2024, interviews are conducted remotely by a call centre, with more than 750 food and non-food traders, as well as market chiefs, during the third week of each month to assess supply and demand (See Methods). Additionally, monitoring extends to gasoline and diesel.