The FAO Dairy Price Index averaged 139.1 points in December, up 1.5 points (1.1%) from November, registering an increase after five months of consecutive declines and surpassing by 10.1 points (7.9 %) its value a year ago.
In December, international cheese prices rose, mainly reflecting a robust global import demand and somewhat tighter export availabilities amid high internal retail and services sector sales, especially in Western Europe.
By contrast, international butter prices fell for the sixth consecutive month, underpinned by the continued sluggish global import demand and the availability of adequate domestic inventories to cover near-term needs.
Meanwhile, international milk powder prices decreased slightly, as lower prices in Western Europe, driven mainly by sluggish demand for spot supplies, outweighed increases in quotations for supplies from Oceania, primarily reflecting active buying from Southeast Asia and currency movements.
In 2022 as a whole, the FAO Dairy Price Index averaged 142.5 points, up 23.3 points (19.6%) from 2021 and registering the highest annual average on record since 1990.
Dairy Commodity Prices were as follows:
| Date | Butter | Skim Milk Powder | Whole Milk Powder | Cheddar Cheese |
| 2022-01 | 6326 | 3859 | 4243 | 3976 |
| 2022-02 | 6634 | 4097 | 4604 | 4246 |
| 2022-03 | 6923 | 4370 | 4869 | 4249 |
| 2022-04 | 7223 | 4482 | 4725 | 4251 |
| 2022-05 | 7008 | 4228 | 4388 | 4370 |
| 2022-06 | 7133 | 4261 | 4532 | 4659 |
| 2022-07 | 6793 | 3974 | 4326 | 4687 |
| 2022-08 | 6610 | 3702 | 4011 | 4756 |
| 2022-09 | 6555 | 3661 | 3982 | 4753 |
| 2022-10 | 6268 | 3464 | 3893 | 4706 |
| 2022-11 | 6106 | 3159 | 3757 | 4803 |
| 2022-12 | 5853 | 3154 | 3748 | 4966 |
Meanwhile, we have seen further contraction in all commodity prices during the recently concluded GDT event, underlying impact of high inflation eating away at the demand as also signs of normalisation returning (albeit, it will take almost an year to see the full results)!
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