Global Meat Prices Hit New Record High in September 📈

• Global meat commodity costs rose 0.7% in September, marking the eighth straight monthly increase and setting a fresh record high (the longest run of gains since 2021). • The primary driver of the extended rally was beef, due to shrinking US cattle herds (now the smallest in decades) coupled with strong global demand. • Higher prices were also underpinned by robust demand lifting prices in top shipper Brazil, increased imports into the US from Australia, and worries over the New World screwworm pest in Mexico. Sheep-meat prices also provided support. • This persistent upward trend contributes to elevated global food-commodity costs, adding to inflation concerns for consumers and policymakers worldwide. • Meat was the only main food group tracked by the FAO to increase; the overall food index declined slightly as prices for grain, vegetable oil, dairy, and sugar all retreated.