The FAO Food Price Index averaged 131.1 points in July 2026, up 0.6% from June, driven by cereals, sugar and vegetable oils. In contrast, the Meat Price Index fell 2.8% during the month to 127.7 points, its first monthly decline of 2026, although it remained 0.8% above the same period a year earlier.
Beef led the decline, affected by weaker import demand in Asia. In Australia, shipments to China and South Korea fell after annual quotas were exhausted, leaving additional volumes exposed to higher tariffs. In Brazil, exports also slowed as China’s safeguard quota approached full utilization. FAO also noted that uncertainty over future access to the European market, linked to antimicrobial requirements, increased expectations that higher-value products could be redirected to alternative markets, potentially intensifying competition and putting downward pressure on prices.
Sheep meat was the exception: prices rose again in July and reached a record high, supported by limited supply in Oceania and firm global import demand. Pork and poultry prices also declined during the month, pressured by ample supply in the EU and greater availability of chicken in Brazil.
