The Meat Price Index¹ averaged 120.4 points in October, down marginally (0.3 percent) from the revised September value and 8.4 points (7.5 percent) above its level a year ago. International pork meat prices fell the most, reflecting increased slaughter in Western Europe amid weak domestic and foreign demand. World poultry meat prices fell slightly, pressured by higher export supplies from major global producers. World ovine meat prices remained largely stable, as rising global demand offset a surge in new season supplies from Oceania. By contrast, international price quotations for bovine meat increased moderately, underpinned by stronger international purchases.
- In November 2024, the Meat Price Index was revised to enhance accuracy in reflecting key internationally traded meat products. This revision incorporates historical adjustments for the following specific prices: Brazilian poultry meat prices have been aligned with the definitions provided by the national government (Source: Comex Stat);
Australian bovine meat prices are now derived from FOB values as reported by Meat and Livestock Australia (MLA); Australian ovine meat prices have been revised to focus on the heavy-weighted lamb product (Source: MLA), which better represents the export market; and New Zealand ovine meat prices have been updated to use the average lamb export value (Source: AgriHQ). - Unlike for other commodity groups, most prices utilised in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is computed and published; therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. This can, at times, require significant revisions in the final value of the FAO Meat Price Index.
- Although pork meat is not consumed in the Middle East region, it is crucial to analyse its price since pork meat does have a significant impact on the global price index.
