As UK dairy prices grow, US farmgate milk prices slip

Published 2023년 5월 8일

Tridge summary

The UK Office for National Statistics has launched a tool to track the significant price increases in dairy products, with all categories seeing over 10% rise since 2022. The most affected categories are hard cheese and cheddar, with increases of 44% and 42% respectively. This price hike contributes to an overall annual rise in the dairy basket of £14.31, which is 23% higher than in 2022. This increase is part of the UK's headline inflation rate of 10.1%, and experts predict that retail prices will not decrease soon due to high energy, water, and housing inflation within the food supply chain. Additionally, falling farmgate milk prices are putting pressure on dairy farmers to cover production costs amidst high input costs.

Disclaimer:The above summary was generated by Tridge's proprietary AI model for informational purposes.

Original content

A free comparison tool launched by the UK Office for National Statistics’ offers consumers insight into how prices of dairy staples have increased compared to 2022. From hard cheese to butter, milk and baby formula, all dairy product prices tracked by ONS have seen double-digit increase since last year. Hard cheese (44%) and cheddar (42%) have seen the steepest price rises, averaging at £9.98 and £9.29 per kilo respectively compared to last year’s £6.92 and £6.53. Increases of 30% or more have also been recorded for semi skimmed milk, whole milk, soft cheese, and butter. Meanwhile, parmesan cheese and infant formula saw more moderate increases of 11% and 12% respectively. Combined, the dairy basked saw an annual price rise of £14.31 - an increase of 23% on 2022. While headline inflation in the UK is 10.1%, food and drink prices rose 19.1% in March, making this the fastest annual increase that shoppers had faced since 1977. Experts say it is unlikely that retail prices will fall ...

Source: Dairyreporter