Global meat prices fell again in March, with lower pigmeat and poultry values driving a downward trend which is now into its eighth month, according to BPEX.
Quoting the latest food price index from the UN Food & Agriculture Organisation (FAO), BPEX highlighted the fact that the March decline meant meat prices are now 17% below their 2014 peak which was reached in July. Since then, however, meat prices have fallen every month.
“The fall was caused principally by lower pigmeat and poultry quotations,” said BPEX, “although prices for ovine meat also fell.
“Reduced import demand in Asia, where several countries recorded large production gains, and in the Russian Federation, which continues to impose restrictions on imports, have been important factors underlying the drop in prices.”
FAO’s all-foods price index, however, has been stuck on a downward trend for even longer, having reached its 2014 peak in April. The index now shows food prices at almost 19% below where they were at this time last year.