UK dairy price hikesThis article was originally published in Foodnews
UK-BASED Dairy Crest is increasing the price of its dairy products to offset higher commodity costs. The company says that the price it pays for milk contracts has risen by 35% since June, and increases have been passed onto the consumers. Further increases are also possible. High global demand and Australia's drought have combined to push up raw milk prices, exacerbated by the UK's poor summer. Dairy Crest's results for the six months ending 30 September still saw revenues of UK£761.4 million, up 29% from the same period last year, and profit after tax of UK£26.9 million compared with UK£19.4 million a year ago.