The APP reports two weeks in arrears and so, for the week ending 20 July the EU spec stood at 210.81p/kg, a weekly decline of 1.47p. This follows a smaller decline the previous week of 0.6p but prior to that the price had made positive movement for three consecutive weeks.
Although both price series sit below year ago figures (-16p SPP, -12p APP), when prices were still strengthening, they remain historically high. GB pig prices saw significant growth in 2022 following a surge in input costs, alongside other drives, and current prices remain elevated when compared to this period (14p SPP, 13p APP).
On balance GB pig prices in 2024 have seen very little movement compared to previous years. The SPP is now just over 3p below prices from the start of the year and the APP has seen a very minor gain of 0.4p. In recent years it has been common for us to see these size changes between weeks, not over months. This indicates that although pig supplies have been tight the market seems to be in balance, with overall category demand continuing to be subdued despite gains in food service volumes, as it is outweighed by retail volume decline.
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