DEGLORY GH MEDIA

The World Bank’s April 2024 Commodity Outlook forecasts a continued decline in global food prices, with a 6% reduction anticipated in 2024 and a further 4% drop expected in 2025. This trend is largely driven by falling prices of key staples such as grains, oils, and meals.

Grain prices are set to decrease by 11% in 2024 due to increased global supply. Wheat prices, in particular, are projected to fall by 15% this year, followed by a 2% dip in 2025.

Although rice prices are expected to rise by 8% in 2024 owing to limited supply and India's export restrictions, they are forecasted to fall sharply—by 11%—in 2025. This decline is attributed to favorable weather conditions, including expected La Niña rains, and India’s likely return to the export market, which should boost global rice production.

Despite these global trends, Ghana is facing rising food inflation, which climbed from 27.0% in February to 29.6% in March 2024. This divergence raises concerns about food security in parts of sub-Saharan Africa, where local conditions may prevent consumers from feeling the benefits of lower global prices.

While the projected global decrease offers hope for improved affordability, regional dynamics will ultimately shape how much relief consumers actually experience.