Global meat export prices increased 2% in June 2013, according to the latest data from the UN Food and Agriculture Organisation (FAO).
The FAO Meat Price Index revealed that meat prices averaged 177 points in June, an increase of 3.4 points on the revised May level, which was reduced due to falling pigmeat prices. In contrast, prices for cereals, oils/fats, sugar and dairy all fell, resulting in a 1% overall decline in the FAO Food Price Index for June 2013 compared to May 2013.
However, analysts predicted meat prices could start falling as a result of reduced import demand from Asian countries, such as Japan and South Korea, which have reduced imports as the result of domestic production increases.
Export prices for food remain high compared to last year's level, with the Food Price Index for June nearly 11 points higher than in June 2012.
Source: The UN Food and Agriculture Organisation (FAO)