Global food prices to decline in 2024 due to surplus

Summary: Global food prices are expected to decline in 2024, offering relief for shoppers. Oxford Economics predicts a decrease in food commodity prices due to abundant supply of staple crops like wheat and maize. Wheat futures fell by almost 10% and maize futures by about 6% year-to-date. Record maize harvests are expected, while wheat harvests are forecast slightly lower than the previous year.

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