The FAO Dairy Price Index averaged 136.2 points in January, down 2.0 points (1.4%) from December, hitting its lowest level in 12 months.
The decline in January reflected lower international prices of butter and milk powders. World butter prices fell for the seventh consecutive month, underpinned by subdued import demand for long-term supplies at prevailing prices, stemming from market expectations for prices to fall further and increased supplies from Oceania.
Meanwhile, international whole milk powder prices declined on lighter demand from leading importers and increased supplies from New Zealand, despite seasonally declining milk output. Skim milk powder prices also fell, mainly due to a sluggish global demand.
By contrast, world cheese prices increased slightly, driven by a recovery in food services and retail sales in Western Europe, following the new-year holidays, and currency movements.
Current Dairy Commodity Prices are as follows:
| 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 | 3816 | ||
| 2022 | 6608 | 3863 | 4253 | 4535 | ||
| 2023-01 | 5448 | 2986 | 3547 | 5015 |
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