Global food prices drops for key crops – WorldBank reports

According to the February 2025 edition of the AMIS Market Monitor by the World Bank, international prices for key crops (wheat, maize, rice, and soybeans) remain lower than the previous year, except maize, which reached a 15-month high due to supply constraints.

Crop conditions for winter wheat in parts of the European Union, Russia, Ukraine, and North America are mixed, and potential changes in U.S. trade policy could further impact markets.

Further, the report highlights that global temperatures in 2024 hit record highs, expressing the urgent need for climate-resilient crop varieties. With the global population expected to reach 10 billion by mid-century, increasing agricultural productivity is critical for food security, particularly as available land for expansion remains limited, it added.

Read also: Top 10 most food-secure African countries in 2025

While concerns exist over stagnating crop yields in some regions, a World Bank review of 144 major crops from 1961 to 2021 reveals that global yields have continued to grow, with crop production nearly quadrupling over the past six decades. Key crops like wheat, maize, rice, and soybeans have contributed significantly to this growth.

However, challenges such as climate change, policy distortions, and inequitable food access persist. To meet future food demands, projected to rise by one-third over the next 30 years, it is essential to develop resilient crops, eliminate trade barriers, and boost productivity in low-income countries, the report further highlights.
Similar Trend for Nigeria

According to data from the Ministry of Agriculture and Food Systems, Lagos State, food prices experienced notable fluctuations between December 2024 and January 2025. For instance, imported rice (25kg) saw a decrease of 5.82 per cent, falling from N44,982 to N42,366 during the same period.

The price of Nigerian rice (4.1kg) remained nearly unchanged, with a slight decrease of 0.06 per cent, dropping from N6,908 to N6,904. Meanwhile, imported rice (4.1kg) saw a more significant drop of 3.12 per cent, from N7,556 to N7,320.

Read also: Top 10 African countries with the most affordable food prices in 2025

Oloyin beans (3.3kg) experienced the largest decrease, with a significant 21.9 per cent drop, from N10,704 in December to N8,358 in January. Drum beans (3.3kg) also saw a decrease of 16.6 per cent, from N8,984 to N7,491.

Prices for garri varied as well, with Ijebu garri (2.2kg) dropping by 19.8 per cent, from N4,466 to N3,581, and white garri (2.6kg) decreasing by 3.9 per cent, from N2,782 to N2,671. Yellow garri (2.6kg) saw an 8.8 per cent decline, dropping from N3,159 to N2,880.
The price of a crate of medium-sized eggs rose modestly by 0.53 per cent, from N5,616 to N5,646, due to the impacts of bird flu (HPAI) that reduced the egg-laying flock.

The price of medium-sized yam tubers dropped by 12.6 per cent, falling from N3,361 in December to N2,935 in January, while fresh tomatoes (1kg) saw a decrease of 16.08 per cent, from N3,361 to N2,935, thanks to a bumper harvest season.

Overall, the largest price decrease was observed in oloyin beans, which dropped by 21.9 per cent, while the highest increase was in Nigerian rice, which rose by 3.42 per cent. The decrease in yam and tomato prices is mainly attributed to a successful harvest season, providing some relief to consumers.

Read also: 10 African countries where groceries will be least affordable in 2025

WorldBank’s projections for Africa and other countries

Food inflation is expected to persist in several African countries between January and May 2025, according to the World Bank’s food security report. In South Sudan, low agricultural production is a major concern, driven by flooding, dry spells, lack of seeds, reliance on traditional farming methods, and extreme weather events, according to WorldBank food security reports for February 2025.

Between December 2024 and March 2025, an estimated 6.1 million people (45 per cent of the population analyzed) are projected to experience IPC3+ conditions.
In Ethiopia, food insecurity is also expected to persist throughout 2025, exacerbated by ongoing conflict, high prices, and the slow recovery of livelihoods from previous crises. Households that harvested in July and August are likely to exhaust their food stocks by February, while poor pastoral households are facing below-normal herd sizes, further intensifying the food security challenges.

Wheat production is expected to remain stable, with gains in Australia, Kazakhstan, and the United States countering declines in the European Union and Russia.
The report highlights that rice production forecasts have been revised upwards, driven by increases in China, Mali, Nepal, and Vietnam, though reductions are expected in the Philippines and Senegal. Soybean output is down due to declines in Argentina and the United States, despite gains in Brazil, Canada, and South Africa.

What can be done?

Increasing food productivity, boosting the food supply chain through infrastructural development, and reducing post-harvest losses were recommended by experts as measures to reduce food prices significantly in 2025.

Adebayo Adeleke, founder of supply-chain Africa, thinks that a weak food supply chain could result in empty plates. He added that Nigeria’s major problem is not just production but a weak supply chain.

A recent World Bank report emphasized the urgency of addressing global food and nutrition security. The post highlights the critical importance of data innovation in the fight against global hunger.