Butter prices hit record highs: the main reason.
Global butter prices reached a new record
According to the latest UN (FAO) report, the price of butter continues to rise, reaching a new price record in November 2024. This increase has been ongoing for a long Time and pertains not only to butter but to dairy products in general.
FAO experts report that the rise in demand for butter is driven by both domestic and international demand, particularly due to reduced production in Western Europe. This has led to nearly a 50% increase in butter prices in European Union countries this year.
As of November 2024, futures for butter on the European Energy Exchange reached 7900 euros per ton, which is close to the previous record in September - 8260 euros per ton
The decline in milk production in Europe has also contributed to rising butter prices. In addition, prices for other dairy products and vegetable oils have also increased. Demand and a reduction in global stocks have led to increases in the prices of palm, rapeseed, soybean, and sunflower oils, which have reached their highest levels since 2022.
According to FAO data, the food price index in November 2024 reached 127.5 points, the highest value since April 2023.
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