Global meat prices follow other food prices down
The latest food price index from the UN FAO, covering March, fell for the fifth consecutive month, following the downward tend seen since April 2014. Global meat prices have been falling since September 2014.
The latest food price index from the UN Food & Agriculture Organisation (FAO), covering March, fell for the fifth consecutive month, following the downward trend seen since April 2014. The overall monthly food price index was down over 1% from the previous month and almost 19% (40 points) from its level a year ago. Prices have been falling as a result of large global supplies of most commodities used in the index. In particular, cereals prices have fallen at a similar rate as high availability of export supplies weighed on international prices.
The FAO Meat Price Index averaged 177 points in March, down 1% from its February value and 17% below the peak level in August 2014. The fall was caused principally by lower pig meat and poultry quotations but prices for ovine meat also fell. Bovine meat quotations were largely unchanged, with global supplies remaining tight. Since reaching an historic peak last July, the Index has fallen each month. Reduced import demand in Asia, where several countries recorded large production gains, and in the Russian Federation, which continues to impose restrictions on imports, have been important factors underlying the drop in prices.