The FAO Meat Price Index averaged 125.0 points in October, down 2.5 points (2.0 percent) from September but still 5.8 points (4.8 percent) above its level a year ago. After eight consecutive monthly increases, the decline was driven by sharp drops in pig and poultry meat prices and a fall in ovine meat prices, partially offset by higher bovine meat quotations. The pig meat price index declined amid abundant global supplies, with European Union’s export quotations coming under additional downward pressure due to weaker import demand from China following the introduction of new import duties. The poultry meat price index also contracted significantly, reflecting lower export prices from Brazil, where high pathogenicity avian influenza (HPAI)-related trade restrictions by China prompted exporters to redirect sales to lower-priced destinations. The ovine meat price index decreased, particularly in Australia, as larger supplies entered the market. By contrast, the bovine meat price index continued to rise, driven by higher quotations from Australia due to firm global demand.

* 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.