The Meat Price Index* averaged 114.6 points in August, down 3.6 points (3.0 percent) from July and 6.5 points (5.4 percent) from its value a year ago.
International prices of all meat types fell in August, with the steepest drop registered for ovine meat, principally underpinned by a surge in export availabilities, mainly from Australia, and weaker demand from China. Pork meat* prices declined, driven primarily by subdued import demand from leading importers, in tandem with abundant export availabilities in Europe amid limited internal sales. World poultry meat prices continued to decrease in August, principally underpinned by abundant supplies, especially from Brazil, despite large purchases by several leading importers in East Asia and the Middle East. Bovine meat prices fell moderately due to ample supplies of slaughter-ready cattle in several leading producing countries and subdued import demand, especially in North Asia.
* 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 halal 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.
