The FAO Dairy Price Index averaged 111.3 points in August, down 4.6 points (4.0%) from July, marking the eighth consecutive monthly decline, and as much as 32.1 points (22.4 %) below its corresponding value last year.
In August, international prices across all dairy products declined, with whole milk powder prices falling the most, influenced by abundant supplies especially from Oceania amid seasonally rising production, together with a slowdown in the pace of imports by China, although import volumes remained relatively high.
Skim milk powder prices fell to their lowest level since mid-2020 due to subdued import demand and the lacklustre market activities associated with the summer holidays in Europe.
Moreover, international butter and cheese prices dropped, reflecting similar factors coupled with steady production schedules in Oceania.
| Date | Butter | Skim Milk Powder | Whole Milk Powder | Cheddar Cheese |
| 2023-01 | 5290 | 2915 | 3507 | 4986 |
| 2023-02 | 4968 | 2781 | 3424 | 4809 |
| 2023-03 | 5021 | 2737 | 3410 | 4652 |
| 2023-04 | 5019 | 2672 | 3281 | 4455 |
| 2023-05 | 5058 | 2731 | 3423 | 4057 |
| 2023-06 | 5167 | 2740 | 3402 | 3969 |
| 2023-07 | 5062 | 2607 | 3418 | 3985 |
| 2023-08 | 4838 | 2468 | 3096 | 3919 |
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