from Food and Agriculture Organization of the United Nations
Global meat prices were up 2.2% in May from April, with eight months of increases pushing them 10% higher than a year ago, according to an index released Thursday by the Food and Agriculture Organization of the United Nations.
“In May, price quotations for all meat types represented in the index rose, principally underpinned by a faster pace of import purchases by East Asian countries, mainly China,” the look at the world food situation stated.
“Tightening global supplies also provided price support across all meat products, reflecting multiple factors ranging from slaughter slowdowns in the cases of bovine and ovine meats to rising internal demand for poultry and pig meats in leading producer regions.”
Still, the monthly measure of prices on the international market remains almost 12% beneath its peak hit in August 2014, FAO said.
An even more dramatic spike came in overall food costs. The FAO Food Price Index — a gauge of the monthly change in international prices for a basket of food commodities — climbed 4.8% from April to May, and is 39.7% higher than last year. “The sharp increase in May reflected a surge in prices for oils, sugar and cereals along with firmer meat and dairy prices,” FAO said.