MEAT PRICE INDEX - Q1 2024
The FAO Meat Price Index* averaged 112.4 points in February, up by 2.0 points (1.8 percent) from January, reversing the seven months of consecutive drops, and standing 0.9 points (0.8 percent) below its corresponding value a year ago.
International price quotations for poultry meat rose the most, followed by bovine meat, underpinned mainly by a rise in demand from leading importing countries. The rise in bovine meat prices was due to lower-thananticipated supply from Australia, as heavy rains disrupted cattle transportation from major producer regions. Meanwhile, pork meat* prices increased slightly due to higher demand from China, together with higher internal demand in Western Europe amidst a lingering tight supply situation. By contrast, international bovine meat prices declined due to a slowdown in the pace of imports by China and a record-breaking production following flock rebuilding in Australia.
*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.