The FAO Meat Price 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 world prices of bovine and poultry meats, 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 availabilities were more than adequate to meet import demand for spot supplies, despite production setbacks due to intensified avian influenza outbreaks. By contrast, world 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 FAO Meat Price Index averaged 118.9 points, up 11.2 points (10.4%) from 2021, marking the highest annual average registered since 1990.
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