Rising pork prices stabilize world meat prices
The FAO Meat Price Index for recent months is calculated based on the aggregate of projected and observed prices as most of the actual prices are not available at the time of publication. While this means the figure is subject to revision, it also provides more up-to-date information on global price trends.
The FAO Meat Price Index averaged 93.2 points in August, virtually unchanged from July. At the same time, prices for beef, poultry and lamb fell. In contrast, pork prices rose after four consecutive months of declines. The meat price index is now 8.6 points lower than in August 2019 and 10.7 points lower than at the beginning of this year.
According to FAO, the recent rise in pork prices is attributed to a sharp increase in Chinese imports (which reached 548,000 metric tonnes in July, another record). Meanwhile, global supplies were slightly reduced due to a decrease in slaughter weight of pigs, combined with prolonged shutdowns in meat processing plants in some producing regions.
In contrast, the FAO food price index averaged 97.1 points in August 2020, almost 2 points higher than its July value and 3 points higher than in August 2019. The food price index returned to levels seen in February, driven by a stronger weaker US dollar, which supported world prices for most agricultural commodities.