The World Bank's April 2024 Commodity Outlook Report predicts a significant decline in global food prices, with a projected 6 per cent decrease in 2024 and an additional 4 per cent decline in 2025.

The drop is mainly attributed to lower prices for grains, oils, and meals, while other foods are expected to see price gains in 2024. However, 2025 is projected to bring broad-based declines in food prices.

The report forecasts an 11 per cent decrease in the grains price index in 2024, driven by higher global grain supplies. Wheat prices are expected to decline by 15 per cent in 2024 due to elevated production, with a further 2 per cent decrease in 2025.

These projections come amidst strong export competition and marginally higher production, countered by somewhat greater consumption and the lowest end-of-season stocks-to-use ratio in eight years.

Global maize production is set to reach an all-time high in the 2023–24 seasons, while global rice production in 2023-24 remains flat, with the stock-to-use ratio falling to the lowest level in three years.

Rice prices are forecast to rise by 8 per cent (year-on-year) in 2024 due to tight global markets and India's export restrictions.

In Ghana, however, the food inflation rate has increased, moving from 27.0 per cent in February to 29.6 per cent in March 2024.

This rise in food inflation is concerning amidst ongoing concerns about food insecurity in the sub-Saharan region. The impact of these global food price changes on Ghana's food market and overall food security situation remains to be seen.