Butter Prices Reach 'All-Time' High Following Demand Increase
Published on Aug 15 2017 10:49 AM
Butter prices in the European Union have reached an all-time high this summer. Irish supermarkets have said they intend to 'minimise the price' of butter inflation following the news that the price of butter has soared following a 'global increase in the demand for dairy fats'.
The demand, which is partially attributed to the current heatwave in Europe driving up ice cream sales and a decline in milk production, has resulted in butter prices hitting an all-time high, reported Independent.ie
Last week both Glanbia and Lakeland Dairies reportedly increased their respective milk prices for July by one cent a litre to a base of 34c a litre.
In July, Kerry increased its base price by 1.5 cent a litre, its third consecutive month of increasing price.
Tesco's own-brand Irish creamery butter is €2.19 for 454g but the company said it could not predict future price changes. "Our Tesco own-label butter prices are competitive within the Irish market," a spokesperson said.
Record butter prices are reportedly putting increasing pressure on Ireland's restaurateurs, an industry expert has warned.
Adrian Cummins, CEO of the Restaurants Association of Ireland, said that Irish restaurants are also feeling the pinch.
"Businesses have been complaining about the increase. Butter isn't going to break the bank but businesses have to be conscious of their overheads,' he said.
"This is an additional cost and another obstacle to face. And an increase in the price of a product inevitably means an increase in price for consumers."
© 2017 - Checkout Magazine by Donna Ahern