Meat and dairy prices have fallen below their March 2022 levels, according to the latest UN Food and Agriculture Organisation (FAO) food price index.

The October drop follows falls in July, August and September.

This means there is no longer a Ukraine-war premium in the price for these sectors.

While they did avoid some of the much higher moves that were seen in cereals and vegetable oil prices in the wake of the Russian invasion, the drop to early 2022 levels will be a concern for producers still struggling with high input costs.

The meat category, which includes beef, pork, poultry and sheep, is only 5.8% higher than it was a year ago. The dairy component is 15.4% higher than a year ago.

Highest level

On cereals, which are at the highest level since June, the FAO pointed to uncertainties about supply security from the Black Sea region, while also highlighting a downward production revision in the US.

The report also highlighted lower maize production prospects in both the US and the EU.