Meat prices have risen to a record level in the global market

The Food and Agriculture Organization (FAO) of the United Nations reported in its September report that meat prices in the global market have risen to the highest level in recent years. This was reported by Zamin.uz.

According to the report, although the overall food prices slightly decreased in September, meat prices continued to rise. In particular, the prices of beef and lamb increased significantly.

Compared to August, meat prices rose by 0.7 percent and were 6.6 percent higher than the same period last year. Analysts emphasize that limited domestic supply and available import opportunities in the United States have contributed to the increase in meat prices.

The prices of pork and poultry remained almost unchanged, but demand for livestock products increased significantly. At the same time, grain prices decreased by 0.6 percent compared to August.

This situation is related to reduced demand in the international wheat market and abundant harvests worldwide. The prices of corn and rice also fell due to reduced purchases in some countries, particularly the Philippines and Africa.

Prices in the oil products market also trended downward. Increased palm oil stocks in Malaysia and higher soybean oil exports from Argentina led to a 0.7 percent decrease in vegetable oil prices.

However, sunflower and rapeseed oil prices rose slightly. Dairy product prices decreased by 2.6 percent.

This is explained by the end of the summer season in the Northern Hemisphere and reduced demand for ice cream, as well as increased dairy production in Oceania. For example, butter prices fell by 7 percent, and dried milk prices dropped significantly due to decreased demand from major importers.

Sugar prices also fell significantly, by 4.1 percent compared to August. This was influenced by increased sugar production in Brazil, favorable weather conditions in India and Thailand, and the expansion of sugarcane cultivation areas.

As a result, sugar prices reached their lowest level since March 2021. Experts believe that in the coming months, the production, consumption, and stock levels of grain products are expected to increase (source: fco.org).