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FAO Dairy Price Index - January 2024

The FAO Dairy Price Index averaged 118.9 points in January, virtually unchanged from its revised December value and standing 25.8 points (17.8%) below its value in the corresponding month a year ago. 

In January, international price quotations for butter and whole milk powder (WMP) increased, nearly offsetting declines in those for skim milk powder (SMP) and cheese. 

World butter prices rose due to increased demand from Asian buyers, coupled with more robust demand from the retail sector for replenishing stocks and lighter inventories in Western Europe. Meanwhile, WMP prices also increased, reflecting increased demand for medium-term deliveries, especially by China, and seasonally falling production in New Zealand. 

By contrast, international prices of SMP and cheese declined as demand for spot supplies remained muted and immediate requirements of buyers were adequately covered.

FAO Dairy Price Index-Jan 24 

Date Butter Skim Milk Powder Whole Milk Powder Cheddar Cheese
2018 5587 1834 3060 3736
2019 4443 2440 3186 3435
2020 3844 2606 3041 3506
2021 4995 3181 3855 3850
2022 6608 3865 4253 4998
2023 5100 2693 3327 4486
2024-01 5850 2732 3512 3910

Dairy Prices have started its upward trajectory.

Further, with farmer protests in Europe coupled with strict regulations imposed there, would dampen production going forward, indicating hardening of dairy prices going forward.

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  1. Hi Shirish, thanks for this. Do you anticipate increase in Indian dairy prices due to decline in European production? Thanks


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