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Butter spot prices surge to new global high, brand buyers panic

from Food Dive

Butter prices in Ireland have risen 160 percent within the past year, The Irish News reported. At least 70 percent of the increase has occurred within the past eight weeks. A previously unsustainably low price, along with supply reductions and strong demand, have driven the rise in spot rate. Also, a spate of panic buying by food ingredient customers who had been maintaining unusually low inventory in expectation of a continued low price contributed to the rise. Buyer margins have been hit, while significant worry exists over brand damage and reduced demand as consumers have responded by buying lesser quality butters or margarine. Butter as-an-ingredient customers are viewing the price increase as a crisis. more


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