January 16, 2023

Last year's average FAO Meat Price Index at highest in over 30 years

The average annual FAO Meat Price Index in 2022 was the highest in over 30 years.

The index averaged 113.8 points in December, down 1.4 points (1.2%) from November, marking the sixth consecutive monthly decline, but remained 2.8 points (2.5%) above its year-earlier level. The decrease in the index in December was driven by lower global prices of bovine and poultry meats, but partially counterbalanced by higher pig and ovine meat prices.

International prices of bovine meat fell, pressured by a higher supply of slaughter cattle in several large producing countries and lacklustre global demand for medium-term supplies.

Meanwhile, poultry meat prices declined as export availability was more than adequate to meet import demand for spot supplies, despite production setbacks due to intensified avian influenza outbreaks.

In contrast, global pig meat prices increased, underpinned by solid, pre-Christmas internal demand, especially in Europe, whereas ovine meat prices rose due to currency movements.

In 2022 as a whole, the index averaged 118.9 points, up 11.2 points (10.4%) from 2021, marking the highest annual average registered since 1990.

- FAO