Global meat and vegetable oil prices hit multi-year highs in August 2025, while grain and dairy products became cheaper, according to data from the UN Food and Agriculture Organization (FAO).
The FAO Food Price Index (FFPI) stood at 130.1 points in August, nearly unchanged from the revised July level of 130.0 points.
Falling grain and dairy prices were offset by increases in the meat, sugar, and vegetable oil indices. Overall, the index was 6.9% higher than in August 2024 but 18.8% lower than the record level of March 2022, after Russia’s invasion of Ukraine.
The vegetable oil price index rose to 169.1 points, its highest since July 2022, up 1.4% month-on-month.
Prices of palm, sunflower, and rapeseed oils increased, outweighing declines in soybean oil.
The market was influenced by growing global demand and Indonesia’s plans to raise its biofuel blending mandate in 2026. Additional factors included reduced sunflower oil supply in the Black Sea region and lower rapeseed availability in Europe.
The meat price index climbed to 128.0 points, setting a new all-time high. This was 0.6% higher than July and 4.9% above the level of August last year.
The rise was driven by beef and lamb. Beef prices hit a record due to strong demand from the US and China, supporting exports from Australia and Brazil. Lamb prices have been increasing for five consecutive months amid limited supply in Oceania. Pork prices remained stable, while poultry prices declined due to high export volumes from Brazil.
The dairy price index fell by 1.3% to 152.6 points, marking the second consecutive monthly drop. Still, it was 16.2% higher than in August 2024.
Butter, cheese, and whole milk powder prices declined, reflecting higher supplies from New Zealand and the EU alongside weak import demand from Asia. Meanwhile, skim milk powder prices rose 1.8% due to limited export availability in New Zealand and steady demand in Southeast Asia.
The sugar price index reached 103.6 points in August, up slightly by 0.2% after five months of decline, but still 9% lower than a year earlier.
The increase was driven by lower sugarcane yields in Brazil and strong global demand, particularly from China. However, forecasts of good harvests in India and Thailand capped further price growth.
The cereal price index fell to 105.6 points, down 0.8% from July and 4.1% from August 2024. International wheat prices dropped on the back of strong harvests in the EU and weak demand from Asia and North Africa.
Global corn prices rose for the third consecutive month, fueled by hot weather in the EU affecting yields and strong demand for feed and ethanol in the US. Among other cereals, sorghum declined in price while barley became more expensive. Rice prices fell by 2% in August amid intense competition among exporters.
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