The FAO Food Price Index (FFPI) was introduced in 1996 as a public good to help in monitoring developments in the global agricultural commodity markets. The only major modification made to it – until now – was in 2009, when its base period was updated to 2002–2004. During the significant price hikes in 2008, the FFPI gained prominence as an indicator of potential food security concerns for vulnerable developing countries.
In 2013, the Index was revised to reflect changes in trading patterns post 2007. This also provided an opportunity to review commodity coverage and price quotations. For the meat sub-index, two quotations were substituted for pre-existing ones, to improve the accuracy of reporting, viz: Australia Cow 90CL export prices to the USA (FAS) and New Zealand Lamb 17.5kg cwt, export price.
