International market FAO Food Price Index posts sharp drop in July
The FAO Food Price Index averaged 168.8 points, 3.7% below their June level, the biggest monthly drop since late last year. The index had been steadily rising in 2018 until June. The FAO Food Price Index is a measure of the monthly change in international prices of a basket of commodities.
The FAO Meat Price Index averaged 170.7 points in July, down 3.3 points (1.9%) from its revised value for June. The June upward revision primarily reflects a sharp rise in bovine meat prices from Brazil, caused by a decline in exports following logistical problems due the prolonged truck drivers’ strike. In July, the Index shed few points, in part due to a gradual normalization of meat exports from Brazil. Overall, price quotations for bovine meat fell, while those of pig and poultry meat also weakened. However, ovine meat prices increased marginally on strong import demand, especially from China and the United States.