The Food and Agriculture Organization of the United Nations (FAO) global meat price index rose 1.8% in February, compared to January, the first increase after seven consecutive months of decline, driven mainly by the increase in chicken meat prices. The FAO index was still 0.8% below that recorded in February last year.
“International quotations for chicken meat prices rose the most, followed by beef, supported mainly by an increase in demand from leading importing countries,” the FAO said in a statement.
The rise in beef prices occurred due to lower than initially expected supply from Australia, as heavy rains hampered the transport of cattle in several producing regions in that country.
Pork prices increased slightly due to higher demand from China and growing domestic consumption in Western Europe in a limited supply scenario.
International sheep meat prices fell, influenced by the reduction in the pace of imports from China and record production after a period of herd recovery in Australia.
In 2023, the FAO Meat Price Index averaged 114.6 points, a drop of 4.2 points (3.5%) compared to 2022, due to increased supply in main exporting regions amid slower demand from major meat importing countries.