World meat prices have hit a new record high, according to the UN Food and Agriculture Organization (FAO), in its monthly food price report released Monday, APK News reported.

The FAO meat price index was 1.2% higher in April than in March and 6.4% higher than in the same period last year. This increase reflects the fact that prices for all types of meat have increased, but only sheep meat prices have remained at the same level.

Beef prices have reached a new peak due to higher export bids in Brazil. This occurred amid limited supplies of cattle ready for slaughter, which indicates an ongoing process of herd recovery. Strong international demand, especially from China, has been an additional stimulus, as import quotas under a new three-year defense program have been used up more quickly

Pork prices have also risen. This is due to high price offers recorded in the European Union, which is a consequence of increased seasonal demand. This trend, however, has been partially curbed by falling prices in Brazil, where the market is saturated with large amount of supplies.

The poultry market has also seen growth, due to higher prices for Brazilian products. High demand from a number of African countries has more than offset the decline in sales in the Middle East. This is a consequence of logistical problems and transport restrictions. They have forced cargo shipments to be redirected via the Red Sea.

As for sheep meat, prices here have hardly changed. The increase in prices in Australia due to a shortage of export stocks was balanced by a decrease in prices in New Zealand, which is due to lesser demand from the main buyer, China.