The FAO Dairy Price Index averaged 147.1 points in April, up 1.3 points (0.9 percent) from March, marking the eighth consecutive monthly increase and lifting the index 28.0 points (23.5 percent) above its value a year ago. In April, the upward trend of dairy product prices continued, driven by the persistent global supply tightness, as milk output in Western Europe and Oceania continued to track below their seasonal levels.
International quotations for butter rose the most, reflecting tight supplies, including low inventories, especially in Western Europe, amidst a surge in demand for near-term deliveries, partly induced by the current shortage of sunflower oil and margarine.
Despite a decline in foreign purchases, sustained internal demand and low inventories in Europe provided support to world skim milk powder and cheese prices. By contrast, whole milk prices fell moderately, mainly due to a demand slowdown in China.
Post this, we have seen decline in prices during GDT auctions for May 22 across almost all commodities, showing peak pricing biting the consumer demand, slowdown in China, coverage of buyers, etc.
| Date | Butter 1/ | Skim Milk Powder 2/ | Whole Milk Powder 3/ | Cheddar Cheese 4/ |
| 1990 | 1196 | 1226 | 1296 | 1540 |
| 1991 | 1191 | 1297 | 1467 | 1632 |
| 1992 | 1333 | 1752 | 1688 | 1959 |
| 1993 | 1163 | 1567 | 1502 | 1735 |
| 1994 | 1072 | 1527 | 1522 | 1685 |
| 1995 | 1782 | 2013 | 2006 | 2139 |
| 1996 | 1681 | 1892 | 1916 | 2176 |
| 1997 | 1524 | 1708 | 1719 | 2226 |
| 1998 | 1697 | 1421 | 1664 | 2065 |
| 1999 | 1318 | 1298 | 1445 | 1801 |
| 2000 | 1192 | 1842 | 1806 | 1887 |
| 2001 | 1280 | 2011 | 1932 | 2179 |
| 2002 | 1045 | 1359 | 1358 | 1738 |
| 2003 | 1345 | 1733 | 1762 | 1909 |
| 2004 | 1788 | 2018 | 2021 | 2611 |
| 2005 | 2128 | 2223 | 2261 | 2838 |
| 2006 | 1774 | 2218 | 2193 | 2681 |
| 2007 | 2959 | 4291 | 4185 | 4055 |
| 2008 | 3842 | 3292 | 3896 | 4881 |
| 2009 | 3021 | 2391 | 2570 | 3292 |
| 2010 | 4268 | 2971 | 3499 | 3739 |
| 2011 | 5023 | 3408 | 3962 | 4380 |
| 2012 | 3740 | 3063 | 3336 | 3877 |
| 2013 | 4784 | 4148 | 4730 | 4563 |
| 2014 | 4278 | 3606 | 3854 | 4542 |
| 2015 | 3306 | 2089 | 2537 | 3076 |
| 2016 | 3473 | 1986 | 2481 | 2807 |
| 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 | 6923 | 4370 | 4869 | 4249 |
| 2022-04 | 7164 | 4505 | 4729 | 4281 |
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