The Food and Agriculture Organisations’ (FAO) Food Price Index recorded a fourth consecutive increase in April, rising to 128.3 points in April as shown in Figure 1.

This is 1.2 points higher than March and the fourth consecutive increase this year. It is up nine points or 7.6% compared with this time last year but is still 31.9 points or 19.9% lower than it was at its peak in March 2022.

The meat and dairy price indices are the strongest performers at present. The dairy index was up 3.5 points in April on the previous month at 152.1 points.

This is a huge 28.4 points or 22.9% higher than it was a year ago with record butter prices a significant contributor to the increase as was higher European dairy process overall.

The meat price index was up 3.7 points in April compared with March, a 3.2% increase and it was five points or 4.3% higher than it was a year ago. International meat prices increased across all categories with pig meat recording the largest increase.

Beef prices also increased, particularly in Australia and Brazil, driven by steady global demand and limited global supplies elsewhere. Sheep meat was also in demand globally with reduced supplies in New Zealand and Europe.

The cereal price index was up 1.3 points in April compared with March but still 0.6 points or 0.5% lower than it was a year ago.

All cereal prices were higher in April but uncertainty prevails with possible impact still to come from tariffs imposed by President Trump and retaliation by trading partners, the most extreme example being China.