FAO Meat price Index higher in February

08 March 2016

The United Nations Food and Agricultural Organisation (FAO) Meat Price Index averaged 148.2 points in February, up slightly from the revised January value.

Performance varied across the meat categories. Bovine prices were marginally dearer month-on-month, reflective of constricted supplies in Australia and the US. The recent Private Storage Aid (PSA) granted by the EU commission earlier this year, also saw pigmeat prices increase. The introduction of the PSA aimed at easing the pressure on the EU market as a result of growing domestic production and Russian import barriers.

The poultry and ovine indices declined however, with poultry in particular continuing to be heavily influenced by lower feed prices. This has actually caused lower consecutive monthly quotations since mid-2015. The ovine index was impacted by seasonally generous supplies across Oceania, creating the fourth consecutive month trending down.

The FAO Food price Index remained predominantly unchanged in February 2016 – averaging 150.2 points, however a figure that represents a 14.5% declined year-on-year. One notable development in particular was an increase in vegetable oil quotations that, along with an improvement in meat prices, compensated for lower dairy, sugar and cereal prices.

*The FAO Food Price Index is a measure of the monthly change in international prices of a basket of food commodities. It consists of the average of five commodity group price indices, weighted with the average export shares of each of the groups for 2002-2004 (Food and Agriculture Organisation of the United Nations).

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