Meat price index jumps at record level
Meat prices are rising globally, according to the UN Food and Agriculture Organization's latest Food Price Index. World food prices rose significantly in November, reaching their highest point in more than two years, driven by jumps in the international prices of meat products and vegetable oils.
The FAO Food Price Index averaged 177.2 points over the month, up 2.7% from October and 9.5% from the same period a year earlier. The FAO Meat Price Index increased by 4.6%, its largest month-on-month increase in more than a decade. Price quotations for bovine and ovine meats rose the most, buoyed by strong import demand, especially from China ahead of year-end festivities. Pig and poultry meat prices also rose, informs FAO.
This year, China has increased the demand for meat due to a bio-security crisis started after the ASF outbreak from August 2018. By now, the contraction in the Chinese pig herd is estimated at 50% and the decline is expected to continue next year. From January to October 2019, a total of about 4.6 million tons of meat were imported by mainland China, surging about 1.25 million tons compared with the same period in 2018.
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