FAO Dairy Price Index the sixth consecutive monthly rise

This uptick was primarily driven by higher price indices for vegetable oils, dairy products, and meat, which offset decreases in sugar and cereals prices. Despite this increase, the index remains 9.9 points (7.7 percent) lower than its value from one year ago.

In March, the FAO Dairy Price Index reached an average of 124.2 points, reflecting a 3.5-point increase (2.9 percent) from February. This marks the sixth consecutive monthly rise, although it remains 11.1 points (8.2 percent) below the corresponding month's value last year. The surge in cheese prices was driven by steady import demand from Asia, increased internal sales in Western Europe during the spring holidays, and a seasonal decline in production in Oceania. Conversely, whole milk powder prices dropped after five consecutive months of increase, attributed to softening global import demand despite reduced production in Oceania.

The FAO Meat Price Index averaged 113.0 points in March, up by 1.9 points (1.7 percent) from February, marking the second consecutive monthly increase. Despite this, it remains only 1.7 points (1.5 percent) below the corresponding value from a year ago. Poultry meat prices increased, supported by steady import demand from major importing countries. Similarly, pig meat prices rose due to increased internal demand before the Easter holidays, despite higher supplies in Western Europe. Bovine meat prices continued to climb, mainly driven by heightened purchases from leading importing nations. Conversely, ovine meat prices fell for the second consecutive month, mainly due to a surge in supplies, notably from Australia, exceeding seasonal levels.