The FAO Meat Price Index averaged 127.7 points in March, up 1.2 points (1.0 percent) from February and 9.4 points (8.0 percent) above its level a year ago. The increase was mainly driven by higher pig meat prices, alongside a modest rise in bovine meat quotations, while ovine and poultry meat prices softened. Pig meat prices surged, underpinned by rising quotations in the European Union ahead of strengthening seasonal demand. World bovine meat prices also rose, led by Brazil, where tightening cattle availability curtailed exportable supplies against the backdrop of solid global demand; this was partly offset by stable prices in Australia, supported by ample availability. By contrast, ovine meat prices declined due to increased export supplies from New Zealand, although firmer prices in Australia—supported by sustained demand in key markets—partly mitigated the decline, despite higher tariffs imposed by the United States of America and logistical constraints affecting access to the Near East markets. World poultry meat prices edged lower, reflecting weaker quotations in Brazil amid ample supplies and steady import demand, with shipments to key Near East destinations rerouted through the Red Sea.

* Unlike for other commodity groups, most prices utilised in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is computed and published; therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. This can, at times, require significant revisions in the final value of the FAO Meat Price Index.