The United Nations Food and Agriculture Organization (FAO) revealed that its July FAO Meat Price Index increased by 1.8 percent when compared to June and 14.1 percent when compared to July 2013. While the increases to the index are largely attributed to rising beef prices, higher poultry and sheep meat prices also contributed, the FAO stated.

The FAO Meat Price Index for July was 204.8 points, up 3.7 points from June and 25.4 points year-over-year. July marked the fifth consecutive month where meat prices rose.

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FAO Food Price Index decreases

In contrast to the FAO Meat Price Index, the FAO Food Price Index decreased due to a sharp decline in prices of grains and oilseeds. It was the fourth consecutive month for the decrease, averaging 203.9 points in July, down 4.4 points or 2.1 percent from the June figure.

The FAO Cereal Price Index averaged 185.4 points in July, down 10.7 points or 5.5 percent from June and 36.9 points or 16.6 percent below the levels of July 2013. The FAO Vegetable Oil Price Index, averaged 181.1 points in July, down 7.7 points from June or 4.1 percent. The drop is largely driven by falling soybean prices and a projected record supply of soybeans with a strong U.S. crop.