Global meat prices have reached another new heights, primarily led by growing imports for beef and lamb from the US and China.
The data from the UN Food and Agriculture Organization (FAO) showed that Food Price Index, which monitors 5 food commodities, showed little overall change in August. The reason is because of rising prices for meat, sugar, and vegetable oils which offset declines in cereal and dairy prices.
The overall index averaged 130.1 points in August, a slight uptick from July’s revised figure of 130 points, marking a 6.9% increase compared to the same period last year and the highest since February 2023 at 130.7.
Meanwhile, the FAO Meat Price Index climbed by 0.6% in August, reaching a historical high of 128 in at least 25 years, surpassing the previous record of 127.2 set in July.
The FAO attributed the index surge to rising international bovine meat prices, underpinned by strong demand in the US and robust import demand from China, which respectively boosted Australian and Brazilian exports.
Meanwhile sheep/lamb prices also rose, while pork prices remained broadly stable. Poultry meat saw price decline due to ample supply from Brazil.
