Global supplies of basic food products will decrease in 2024

Bosnia and Herzegovina reported that a combination of factors including the El Niño phenomenon, export restrictions, and stricter biofuel directives have led to rising food prices in recent years. The global food supply is expected to be reduced in 2024, with the El Niño dry weather sweeping through most of Asia in 2023. This weather is expected to last until the first half of the following year, posing supply risks for agricultural products such as rice, wheat, and palm oil.