FAO Dairy Price Index

The FAO Dairy Price Index averaged 116.2 points in July, down 0.8 points (0.7 percent) from June and 38.4 points (24.8 percent) below its level in July 2025, extending the decline observed since April. The decline reflected lower quotations for butter and milk powders, which more than offset a modest recovery in cheese prices. Skim milk powder (SMP) prices fell by 3.3 percent from June, as ample export supplies in the European Union and Oceania, coupled with more cautious buying following earlier price increases, weighed on quotations. Nevertheless, SMP remained the only dairy product trading above its July 2025 level. Whole milk powder (WMP) prices declined by 3.1 percent as subdued import demand, particularly from China, continued to outweigh firm purchases from Southeast Asia and the Near East, with increasing export competition adding downward pressure on quotations. Butter prices fell by 2.4 percent as improving milk fat availability and expanding export supplies eased market tightness, particularly in Europe. By contrast, the cheese price index rose by 1.7 percent, marking its first monthly increase since July 2025, as tighter seasonal milk supplies lifted cheese quotations in the European Union, more than offsetting continuing price declines in Oceania, where cheese prices remained under pressure from ample export supplies and intensified competition from the United States of America.

Download our data set with one click:

Related links