World dairy prices continue to rise

[Livestock Newspaper Reporter Min Byeong-jin] Long-term effect likely to affect domestic food prices World dairy product prices are on the rise. According to the Food and Agriculture Organization of the United Nations (FAO), the dairy product price index has been on the rise since the beginning of this year, reaching 130.6 in August. This is a 7.2% increase compared to the same period last year. The analysis is that the price of whole milk powder rose due to increased import demand for immediate transaction volume and inventory shortages in major production regions. The prices of butter and skim milk powder also rose, and butter in particular hit an all-time high in international prices due to increased demand for short-term and long-term deliveries and concerns about a milk shortage in Western Europe despite an increase in seasonal supply in Oceania. Cheese also saw its price rise due to a decrease in inventory and production in Europe and increased international demand. The same ...