Several supermarkets are reducing the cost of milk in a sign that inflation could be easing.
Aldi, Lidl and Asda have joined rival supermarkets Sainsbury's and Tesco in cutting the price of milk by at least 5p.While the drop will be welcomed by people struggling with higher living costs, milk still costs more than double the average price before Covid.All five supermarkets have confirmed the reductions in price will not affect how much they pay farmers.Asda said that it had taken "swift action to reduce the price of milk as commodity prices have eased".
Milk alone has risen by 43% in price over the same period, one of many staples, including cheese and eggs, which have surged in cost and squeezed household budgets.Four pints: from £1.65 to £1.55 Paul Savage, agriculture director at Arla, said milk supplies in the UK rose by 3.2% in March compared to the same month last year. "When coupled with a decline in dairy consumption and an overall decline in shopping spending, with 75% of people cutting expenditure on food, this is creating a change in the supply and demand of milk," he said.
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