The Food and Agriculture Organisation (FAO) food price index has fallen for the twelfth consecutive month from its peak in March last year. In March 2023 it had fallen to 126.9 points, which is 32.8 points or 20.5% below the peak of March last year.

The ongoing decline in March was driven by a significant 4.1 point or 3% fall in cereals to 131.8 points, a huge 48% fall on the peak of March 2022. Decline in dairy values also contributed, with the index down 1.1 points in March to 130.3 points. This is 15.6 points or 10.7% lower than March last year. While butter prices increased in March, they were offset by falling powder and cheese prices.

Meat prices showed a marginal increase in March, up just under 1 point to 113 points which is 6.3 points or 5.3% lower than March last year.

This has been driven by higher cattle prices in the US and higher pig prices in Europe. Sheep meat prices fell however, having increased the previous month, while poultry meat prices also fell as Avian flu disrupted trade for many exporting countries.