Dairy (real terms)

World market. Reference price, updated monthly.

102.6 points

-0.1% Previous month 102.7 points (August 2026). Latest month: September 2026. Base: 2014–2016 average = 100.

History

This year Last year

Recent prices

points

Date	Index	Change
1 Sept 2026	102.6	-0.1%
1 Aug 2026	102.7	+2.3%
1 Jul 2026	100.4	-0.3%
1 Jun 2026	100.8	-1.8%
1 May 2026	102.6	-0.5%
1 Apr 2026	103.2	-1.2%
1 Mar 2026	104.4	+1.4%
1 Feb 2026	102.9	-1.2%
1 Jan 2026	104.2	-5.6%
1 Dec 2025	110.4	-5.9%
1 Nov 2025	117.4	-3.9%
1 Oct 2025	122.1	-3.7%
1 Sept 2025	126.8	-3.3%
1 Aug 2025	131.2	-1.5%
1 Jul 2025	133.2	—

Where is the index?

100.4122.1

Near this year’s lows: above only 18% of the index values in the last 12 months.

vs last year: -19.1% from 126.8 (1 Sept 2025)

Related indices

Dairy World marketSeptember 119.1 points -0.1%

Source

© FAO, FAO Food Price Index (www.fao.org/worldfoodsituation/foodpricesindex) and dairy, meat and oilcrop price indices

Source page

What does this price show?

In real terms, i.e. without inflation: FAO divides the index by the World Bank’s index of prices of manufactured goods in world trade (MUV). It shows whether food became dearer or cheaper than other goods. The FAO Dairy Price Index follows international export prices of butter, cheese and milk powder (skimmed and whole) from Oceania and the European Union, weighted by each one’s share of world exports in 2014–2016. Base: the 2014–2016 average = 100; a value of 120 means prices are 20% above their average of those three years. FAO publishes it once a month, usually on the first Friday, for the previous month; the latest months may be revised.

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Dairy (real terms)

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