According to the report published by the United Nations Food and Agriculture Organization (FAO) for September, the global meat price has reached its highest level in recent years, fco.org reported.
According to the data, while overall food commodity prices slightly decreased in September, meat prices continued to rise. This situation is explained by a sharp increase in beef and mutton prices. According to UN data, meat became 0.7 percent more expensive compared to August, which is 6.6 percent higher than the same period last year.
Analysts noted that limited domestic supply in the United States and favorable conditions for imports were the main factors driving the increase in prices. Meanwhile, pork and poultry prices remained almost unchanged, but demand for livestock products rose sharply.
According to the FAO report, grain prices also fell by 0.6 percent compared to August. The reason was a decline in global wheat demand and abundant harvests worldwide. Corn and rice prices also fell as purchases decreased in some countries, particularly in the Philippines and parts of Africa.
The vegetable oil market also showed a downward trend. Due to high palm oil stocks in Malaysia and increased soybean oil exports from Argentina, vegetable oils became 0.7 percent cheaper. However, sunflower and rapeseed oil prices slightly increased.
Dairy products, on the contrary, fell by 2.6 percent. This was linked to reduced ice cream demand after the end of summer in the Northern Hemisphere and increased production volumes in Oceania. For instance, butter prices dropped by 7 percent, while powdered milk prices fell significantly due to weaker demand from major importers.
Sugar prices also dropped significantly — by 4.1 percent compared to August. This was driven by increased production in Brazil, favorable weather in India and Thailand, and the expansion of sugar-growing areas. As a result, sugar prices reached their lowest level since March 2021.
Experts predict that next month, the production, consumption, and stock levels of grain products are expected to increase.
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