The FAO food price index rose 1.6% to 130.1 with prices increase for meat and vegetable oils offsetting declining dairy prices.

The FAO dairy price index fell 0.1% in July, from the prior month to 155.3 points—21.5% higher YOY. The marginal fall is the first since April 2024, driven by lower international prices for butter and powders, offset by higher cheese quotes. Butter prices declined 1.1% on average, due to weaker Oceania prices as a result of increased production. Meanwhile, butter prices in the EU firmed due to tight cream availability and strong demand. WMP and SMP prices continued to decline due to falling demand from China and other key Asian markets.