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Global Meat Prices Fall in October

16 November 2016, at 6:00am

GLOBAL - The global Food Price Index from the UN's Food and Agriculture Organisation (FAO) averaged 172.6 points in October, up 0.7 per cent for the month and 9.1 per cent from a year earlier, with the staple grains' index rising for the first time in three months.

The Food Price Index, which has risen continuously throughout 2016 except for a brief dip in July, is a trade-weighted index tracking international market prices for five major food commodity groups.

October's rise was driven primarily by jumps in sugar and dairy prices. The FAO Dairy Price Index rose 3.9 per cent from September, led by rising prices of cheese and in particular butter, as a result of sustained internal demand in the European Union after a period during which stocks were drawn down.

By contrast, the FAO Oils/Fats Price Index declined 2.4 per cent from September.

The FAO Meat Price Index also fell, dropping 1.0 per cent in October, with the drop largely driven by slacker demand for European pigmeat from importers in China.

The FAO Cereal Price Index, meanwhile, rose 1.0 per cent in October, buoyed by tightening supplies of high-quality wheat even as the overall prospects for global wheat harvests have improved.

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