In March, the FAO food price index decreased by 3% compared to February but remains 13% higher year on year.
Meat was the only product in March that did not fall on the month. Global meat prices were up 1% on February and 12% higher than March 2016, when prices hit a six year low. Pig meat prices recorded slight increases, driven predominantly by strong import demand from Asian destinations, especially China. Beef prices also recorded marginal increases due to tight supplies in Oceania, while sheep meat and poultry values remained stable.
UK exports of fresh/frozen pork in February fell by 11% on the year at 15,900 tonnes. However, increased unit prices led to the value of exports increasing by 15% year on year to £21.1 million.
Ample supplies of cereals and vegetable oils led to global prices of these commodities sliding month on month. However, cereal prices remained stable year on year, while vegetable oil values were up. Despite being down on the month, global dairy prices were considerably higher (46%) than March 2016, while global sugar prices were 17% higher.