Global meat prices for January 2018 are up on the year

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In January 2018 the FAO food price index remained stable from December 2017, recording a very modest 0.2 point rise to 169.5 points, 3% down on the year.

The meat price index was virtually unchanged at 170.6 points, only 0.3 points up on the month. This value is 7% ahead when compared to the same period last year. The sheep market rose due to strong demand growth especially from Asia and the Middle East where middle class populations are rising. Reduced supply for Oceania translated to slight increases in beef meat prices. Pig meat and poultry products fell slightly as export availabilities exceeded import demand.

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The cereal price was at the highest since July 2017, concerns over weather for wheat and maize crops drove the price up despite large supplies. Sugar and dairy values were lower than December and fell 30% and 7%, respectively, on the corresponding month last year. The vegetable oil price index was almost unchanged compared to December values as gains in palm oil values were outweighed by weakened values for other oils, notably sunflower and rapeseed oils.

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Abigail Schofield, Trainee Analyst

Abigail.Schofield@ahdb.org.uk, 024 7647 8610