The FAO Dairy Price Index averaged 145.2 points in March, up 3.7 points (2.6 percent) from February, marking the seventh consecutive monthly increase and lifting the index 27.7 points (23.6 percent) above its value a year ago.
The upward trend of dairy product prices persisted, mainly supported by the tightening of global markets due to inadequate milk output in Western Europe and Oceania to meet global demand. Quotations for butter and milk powders rose steeply, underpinned by a surge in import demand for near- and long-term deliveries, especially from Asian markets, and solid internal demand in Western Europe.
Meanwhile, cheese markets were also facing a tight supply situation due to strong internal demand in Western Europe, but the index value eased marginally, reflecting the impacts of currency movements.
| Date | Butter 1/ | Skim Milk Powder 2/ | Whole Milk Powder 3/ | Cheddar Cheese 4/ |
| 2017 | 5641 | 2011 | 3163 | 3664 |
| 2018 | 5587 | 1834 | 3060 | 3736 |
| 2019 | 4443 | 2440 | 3186 | 3435 |
| 2020 | 3844 | 2606 | 3041 | 3506 |
| 2021 | 4995 | 3181 | 3855 | 3816 |
| 2022-01 | 6326 | 3859 | 4243 | 3976 |
| 2022-02 | 6634 | 4097 | 4604 | 4246 |
| 2022-03 | 6877 | 4346 | 4852 | 4234 |
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