The FAO Dairy Price Index averaged 128.2 points in December, up 2.3 points (1.8 percent) from November and 19.0 points (17.4 percent) above its December 2020 value. In December, international quotations for butter and milk powders continued to increase, underpinned by high global import demand, coupled with tight export supplies, resulting from lower milk production in Western Europe and Oceania. Despite the low milk output, cheese production in Western Europe increased as producers preferred cheese over alternative dairy products, causing a marginal decline in cheese prices. In 2021, the FAO Dairy Price Index averaged 119.0 points, up 17.2 points (16.9 percent) from 2020, reflecting sustained import demand throughout the year, especially from Asia, and tight exportable supplies from the leading producing regions.
| Date | Butter 1/ | Skim Milk Powder 2/ | Whole Milk Powder 3/ | Cheddar Cheese 4/ |
| 2021-01 | 4316 | 2900 | 3353 | 3771 |
| 2021-02 | 4542 | 2957 | 3497 | 3758 |
| 2021-03 | 4952 | 3045 | 3979 | 3720 |
| 2021-04 | 5106 | 3123 | 3971 | 3765 |
| 2021-05 | 5003 | 3240 | 4061 | 3840 |
| 2021-06 | 4848 | 3228 | 3993 | 3829 |
| 2021-07 | 4624 | 3048 | 3868 | 3792 |
| 2021-08 | 4651 | 2985 | 3687 | 3846 |
| 2021-09 | 4834 | 3124 | 3731 | 3861 |
| 2021-10 | 5220 | 3314 | 3887 | 3854 |
| 2021-11 | 5756 | 3518 | 4061 | 3869 |
| 2021-12 | 6030 | 3655 | 4160 | 3863 |
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