FAO Meat Price Index

The FAO Meat Price Index averaged 131.0 points in June, up 0.5 points (0.4 percent) from May and 5.0 points (4.0 percent) above its level a year earlier, reaching a new record high. The increase was primarily driven by higher international poultry meat prices and, to a lesser extent, firmer ovine meat quotations, while pig and bovine meat prices declined. International poultry meat quotations rose, reflecting higher export prices in Brazil amid strong global import demand, combined with temporarily tighter domestic availability following production adjustments in response to earlier oversupply. World ovine meat prices increased further in June, underpinned by sustained demand and limited exportable supplies. By contrast, pig meat quotations continued to decline, mainly due to ample supplies in the European Union and persistently weak demand from several Asian markets. Bovine meat prices dropped slightly, largely reflecting lower quotations from Australia, amid expectations of increased export availability in the third quarter, while export prices in Brazil remained broadly stable as import quotas introduced by China approached full utilization, leading to a gradual slowdown in purchases.

* 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.

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