Down 0.7% (0.8 points) from its revised value in September, the FAO Meat Price Index averaged 112.1 points in October. Though still 22.1% (20.3 points) above its value in the corresponding month last year, this marks the third monthly decline.

In October, international quotations for pig meat fell, primarily due to reduced purchases from China.

Bovine meat prices also fell, reflecting a sharp decline in quotations for supplies from Brazil amid market uncertainty surrounding import suspensions by its leading trading partners over mad-cow disease concerns.

Boosted by high global demand, poultry meat quotations rose. However, production expansions remain weak due to high feed costs and avian flu outbreaks, especially in Europe.

World ovine meat prices also increased slightly on continued supply limitations from Oceania due to high demand for flock rebuilding.

FAO notes that most prices used in the calculation of the FAO Meat Price Index are not available when the FAO Food Price Index is calculated and published. Therefore, the value of the Meat Price Index for the most recent months is derived from a mixture of projected and observed prices. At times, this leads to significant revisions of the final value of the FAO Meat Price Index, which could in turn influence the value of the FAO Food Price Index.