As UK dairy prices grow, US farmgate milk prices slip

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 ...