Currency
The cost of a product popular in Ukraine is decreasing all over the world: what is happening on the market
The cost of butter is falling in the world. Source: Freepik
In December, international butter prices ended their continuous rise over the past 14 months. This was due to subdued global demand and inventory build-up. Since Ukrainian producers are also focused on exports, the cost of butter from domestic producers may also decrease.
This was reported by the UN Food Agency (FAO). Experts estimate that in December 2024, world food prices generally declined - the cost of meat increased, but it was more than offset by falling prices for sugar, dairy products, vegetable oils and cereals.
"International butter prices showed the largest drop, ending a 14-month streak of continuous growth due to subdued global demand and accumulated stocks," the report said.
However, the average value of the FAO Dairy Price Index for 2024 was 129.6 points, which is 5.8 points (4.7%) higher than in 2023. This was mainly due to a sharp rise in butter prices amid high global demand for this product and limited export supplies due to unstable weather conditions that negatively affected production.
In general, the FAO Food Price Index in December 2024 amounted to 127.0 points, down 0.5% from the November level. This is still 6.7% higher than a year ago, but also 20.7% lower than the peak value reached in March 2022 after Russia's invasion of Ukraine.
In November last year, dairy prices in Ukraine did rise sharply, with the cost of butter increasing by 6.9%, cheese by 2.9%, and milk and yogurt by 10-15%. On average, a pack of sweetened butter cost UAH 100. The reasons are the impact of global prices, rising costs of raw materials, energy, and problems with logistics and packaging.
OBOZ.UA also reported that apple prices in Ukraine are also breaking records. However, analysts believe that they will not be able to remain so high for long, as local consumers simply cannot afford to buy them, although high prices may remain high in the export market for a long time.
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