Households are set to be hit with another blow amidst the rising cost of living, as experts warn the price of milk is set to increase by about 50%.
Industry experts have claimed the increases have come from the rising costs of farming, with increased costs on fertilizer, feed and fuel.
And milk is not the only dairy product that has been impacted, as the cost of a pack of butter is also set to be impacted by the rising costs, reports The Mirror.
The increases could see a pint of milk increase from £1.15 to between £1.60-£1.70, and a pack of butter could increase from £1.55 to more than £2
It comes as households across the country have been hit with a recent surge in energy prices as the cost of living crisis continues to grip the nation.
John Allen, of Kite Consulting, said milk prices had been low for 30 years and that was now “coming to an end”, the Telegraph reported.
He added: “What is of concern at present is processors are getting inflationary costs as well and also we are short of milk around the world.”
Milk bosses from the UK and Europe all travelled to Brussels last week for emergency talks on the price of milk.
The rising costs on supermarket food and fuel has been linked to the ongoing Russian invasion of Ukraine.
Canned goods and sunflower oil are due to increase in price, but all supermarket goods could rise too due to soaring costs of petrol and fertiliser.
Just a couple of weeks ago, The Daily Record reported that the cost of some supermarket goods had increased by a whopping 18% compared to last years prices.
But the Russian invasion of Ukraine threatens to increase food bills even further – though we are only just seeing the warning signs.
Ukraine and Russia together produce around 30% of the world’s wheat exports, according to the Agricultural Market Information System, which monitors food security in G20 countries.
The Russian invasion of Ukraine threatens to disrupt supplies of these vital commodities.
The average Brit gets about 30% of their calories from grains like wheat, according to 2021 government figures.
Fortunately, the UK is “largely self-sufficient” in grain, a government report said last year. We grow around 90% of the wheat we eat a year, so shortages are unlikely.
But much of that growth relies on fertiliser, and the UK imports 40% of what we use – £735million of the stuff in 2020 alone.
Fertiliser prices are already heading towards £1,000 a tonne, from £650 last week.
This is due to high costs of gas, which is crucial to making it.
The National Farmers’ Union said nitrogen fertiliser costs had doubled compared to last year.
Russia is the world’s second-biggest producer of crude oil.
It supplies a third of Europe’s oil, raising fears that supplies could be limited due to the conflict with Ukraine.
Rises in oil prices will increase the cost of farming and harvesting food, as well as transporting it to shops.