New Zealand and UK lamb prices are moving in opposite directions. The price of New Zealand lamb has risen by double digits year on year because of a fall in the number of slaughterings. Lamb production in the country has dipped 2% over the past year.
UK lamb prices are 6% down year on year. On top of a seasonal fall due to higher numbers of lambs available, demand is lower because of the hot weather.
UK and French beef prices are down year on year by more than 17% because of higher production in both countries. The strength of the pound has also depressed UK prices by lowering demand for exports and making imports more price competitive.
By contrast, Brazilian beef prices have risen sharply year on year because of strong export demand driven by the depreciation of the Brazilian real. The lifting of a Chinese ban on Brazilian beef has also supported prices.