The FAO Dairy Price Index averaged 138.9 points in December, down 1.0 point (0.7 percent) from November, marking the first decline after seven consecutive months of increases, but remained 20.2 points (17.0 percent) above its corresponding level a year earlier. International quotations for butter registered the largest decline, ending a fourteen-month streak of continuous increases, due to subdued global demand and accumulated stocks. Similarly, world cheese and skim milk powder prices contracted, driven by a weaker international demand. By contrast, international whole milk powder quotations surged, underpinned by price increases in Oceania stemming from solid global demand, especially in Asia, combined with tighter inventories in Western Europe due to seasonally low milk production. In 2024 as a whole, the FAO Dairy Price Index averaged 129.6 points, up 5.8 points (4.7 percent) from 2023. This increase was mainly attributed to a sharp surge in butter prices, on the back of a high global demand and constrained exportable supplies, resulting from erratic weather patterns that negatively impacted production.