FAO meat price index hits new record high for beef

The FAO meat price index averaged 124.6 points in May, up 1.6 points (1.3%) from the revised April value and 7.9 points (6.8%) above its level a year ago. The increase was driven by higher international prices for beef, sheep and pig meat, which more than offset the decline in poultry meat quotations.

Sheep meat prices rose due to higher quotations in Oceania, supported by strong global import demand, particularly from China, Europe, and the Middle East, according to the FAO. Pig meat prices also increased, driven by stronger global demand and a sharp rise in export prices from Germany after it regained its FMD-free zone status.

Meanwhile, global beef prices reached a new all-time high amid firm international demand and tight export supplies from major producing countries. In contrast, poultry prices declined, pressured by lower quotations in Brazil, where the detection of highly pathogenic avian influenza in a commercial farm in mid-May led several major importing countries to impose bans, resulting in abundant surplus supply and downward pressure on prices.