Meat bucks trend as global food prices decline
A benchmark report by the United Nations (UN) has found that meat prices rose marginally from June, while global food commodity prices fell in July for the second consecutive month.
The latest FAO Food Price Index averaged 123 points in July 2021, 1.2% lower than the previous month although still 31% higher than its level in the same period of 2020.
The index tracks changes in the international prices of the most globally traded food commodities. The July drop, the UN reported, reflected declines in the quotations for most cereals and vegetable oils as well as dairy products.
While pig meat prices fell, following a decline in imports by China, bovine meat prices strengthened. The UN reported that the increase in price was buoyed by high imports from China and lower supplies from major producing regions.
Overall, the FAO Meat Price Index also rose marginally from June, with quotations for poultry meat rising the most due to increased imports by East Asia and limited production expansions in some regions.
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