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World 02.02.2024

The FAO Dairy Price Index, averaging 118.9 points in January, remained relatively stable

Source: The DairyNews
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The FAO Food Price Index (FFPI) for January 2024 marked a modest decrease, standing at 118.0 points, down by 1.2 points (1.0 percent) from the revised December level.
The FAO Dairy Price Index, averaging 118.9 points in January, remained relatively stable
This dip was primarily attributed to declines in the price indices for cereals and meat, despite a rise in the sugar price index. Dairy and vegetable oils experienced only minor adjustments. Notably, the FFPI was 13.7 points (10.4 percent) lower than its value a year ago.

The FAO Dairy Price Index, averaging 118.9 points in January, remained relatively stable compared to the revised December value. However, it reflected a significant 25.8-point (17.8 percent) decrease compared to the corresponding month the previous year. The stability in January was maintained by an increase in international price quotations for butter and whole milk powder (WMP), which nearly offset declines in skim milk powder (SMP) and cheese prices.

Butter and WMP prices saw an upturn due to heightened demand from Asian buyers and increased retail sector demand for stock replenishment. Additionally, lighter inventories in Western Europe contributed to the rise in world butter prices. The increase in WMP prices was driven by elevated demand for medium-term deliveries, particularly from China, coupled with a seasonal decline in production in New Zealand.

In contrast, SMP and cheese experienced declines as demand for spot supplies remained subdued, and buyers' immediate requirements were adequately covered. The international market witnessed a dip in prices for these dairy products during January.

Overall, the FAO Food Price Index data for January 2024 suggests a nuanced global market, influenced by specific dynamics within the dairy sector and other key commodities.
Aaron Smith
Aaron Smith
Professor of Agricultural and Resource Economics at the University of California
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February 2024
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