The price of one of the most used products in our country is rising.
That’s what happened in recent monthstrading at record highs across Europe, Reuters reported. This is bad news for bakers and pastry makers, as they prepare for the Christmas festivities, and are already facing high chocolate and sugar prices.
Strong demand for butter, limited supplies and dairy processors’ preferences to use more milk for the most profitable products, such as cheese, have led to oil prices jumpanalysts say.
European-produced oil traded on world markets at a record $8,706 a metric ton as of Sept. 29, up from 83 percent year-on-yearshow the latest official EC data.
Prices were also higher year-on-year in Australia and New Zealand.
What are the prices in Bulgaria?
The price of cow butter (pack of 125 grams) is down by 0.6 percent BGN 2.85 per piece, show the data from the weekly bulletin of the State Commission on Commodity Exchanges and Markets. A reference to a year ago shows that in mid-October 2023, a packet of 125 grams cost BGN 2.44 per piece.
While major food companies have provided much of the supply of butter before the start of Christmas pastry production, the impact on small producers is expected to be large as price rises are inevitable, said Paul Boavin, director of the French Federation of Bakery and Confectionery Entrepreneurs.
This month the US Department of Agriculture (USDA) raised its forecast for oil prices in the country in 2024 to $3 per pound (roughly 0.5 kilograms), which is 15 percent more than last year, due to fewer cows and less milk produced by the animals.
“Tighter milk supplies and robust demand are expected to lead to higher prices in 2025,” the USDA said.
Revenues in the global butter market are expected to reached 42 billion dollars in 2024, up 8 percent from 2022, and the market is expected to grow 7 percent annually through 2029, according to data analysis company Statista.
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