According to the UN Food Agency, global butter prices in November 2024 reached their highest level since April 2023.
Points of attention
- Global butter prices reached a record high in November 2024 due to high demand and limited supplies in Western Europe.
- Other commodities like wheat, dairy products, meat, and sugar are also experiencing price fluctuations based on supply and production conditions in different regions.
- The FAO food price index in November 2024 increased by 0.5% compared to October, with butter and vegetable oils registering significant price hikes.
- World prices for milk powder and cheese are on the rise due to increased demand and limited production, while vegetable oil prices hit their highest level in years.
- While butter prices continue their upward trend, global wheat prices decrease year-on-year thanks to improved supplies and favorable harvests.
What is known about the rapid increase in world butter prices
It is noted that the increase in prices was due to the increase in the prices of stocks for dairy products and vegetable oils.
Currently, the increase in world butter prices has been recorded for 14 consecutive months against the background of high demand and limited stocks in the countries of Western Europe.
The FAO food price index in November 2024 was 120.7 points, which is 0.5% higher than in October.
The index was 5% higher than a year ago, but remained 20.4% below its peak of 160.2 points
The FAO Cereal Price Index averaged 111.4 points in November, down 2.7% from October and 8.0% from November 2023.
What is known about the price index for a number of other popular products
At the same time, global wheat prices fell year-on-year due to increased supplies and good harvests in the Southern Hemisphere and improved conditions for the 2025 crop in some major Northern Hemisphere exporting countries.
The vegetable oil index averaged 164.1 in November, up 7.5% month-on-month and hitting its highest level since July 2022.
The dairy price index was 139.9 points in November, 0.6% higher than in October and 20.1% higher than a year ago.
Meanwhile, world prices for milk powder , in particular for whole milk powder, showed the greatest growth, due to the recovery of global demand and the seasonal decrease in milk production in Western Europe.
In addition, the prices of cheese also increased, and the world prices of meat increased by 5.9% year-on-year.
The FAO sugar price index averaged 126.4 in November, down 2.4% from October after two consecutive monthly increases and 21.7% below its level a year ago.
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