Milk prices could hit 80p a pint after ‘tsunami’ of cost hikes across Britain

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Experts warn that the cost of dairy products like milk and cheese could skyrocket as farmers have no choice but to pass on their own rising bills to buyers.

Yet another cost is about to increase

The cost of milk could soon rise by more than 50%, experts warn, meaning Britons could soon be paying 80p instead of 60p for a pint.

A ‘tsunami’ of rising farm costs has been blamed for it, with experts listing strong increases in fuels, fertilizers and animal feed.

Much of this is due to the ongoing war launched by Russia against Ukraine.

The result is that the price of four pints of milk could drop from £1.15 to between £1.60 and £1.70, according to UK dairy adviser Kite Consulting.

A typical pack of butter can go from £1.55 to over £2.

John Allen of Kite Consulting said milk prices had been low for 30 years and that was “coming to an end”, the telegraph reported .

He added: “What is worrying right now is that processors are also facing inflationary costs and we are also running out of milk globally.”

Milk bosses from the UK and Europe all traveled to Brussels last week for emergency milk price talks.

Last month The Mirror reported that supermarket food prices were set at climb even further due to the Russian invasion of Ukraine.

Canned and sunflower oil prices are expected to rise, but all supermarket products could also rise due to soaring gasoline and fertilizer prices.

Even before the war, supermarket shoppers had been warned to prepare for an annual rendezvous increased grocery bill by around £180 while the cost of living crisis weighed on households.

But the Russian invasion of Ukraine threatens to drive up food bills even further – though we only see the warning signs.

Ukraine and Russia together produce around 30% of global wheat exports, according to the Agricultural Market Information System, which monitors food security in G20 countries.

The Russian invasion of Ukraine threatens to disrupt the supply of these vital products.

According to 2021 government figures, the average Briton gets around 30% of their calories from cereals like wheat.

Fortunately, the UK is “largely self-sufficient” in cereals, according to a government report last year. We grow about 90% of the wheat we consume each year, so shortages are unlikely.

But a big part of that growth is fertiliser, and the UK imports 40% of what we use, or £735m in 2020 alone.

Fertilizer prices are already heading towards £1,000 a tonne, down from £650 last week.

This is due to the high costs of gas, which is crucial for its manufacture.

The National Farmers Union said nitrogen fertilizer costs had doubled from a year ago.

Russia is the world’s second largest crude oil producer.

It provides a third of Europe’s oil, raising fears that supplies may be tight due to the conflict with Ukraine.

Rising oil prices will increase the cost of farming and harvesting food, as well as transporting it to stores.

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