Global butter prices have soared to an all-time high. The UN named the reason.

Butter prices have set a new record

According to the UN, butter prices reached a new high in November due to increased demand in both domestic and international markets.

In the European Union, butter prices have risen by 50% over the past year due to reduced milk production. This has also led to an increase in cheese prices. The rising prices are attributed to limited capacities to meet the demand for butter and cheese, as noted in the UN report.

Additionally, prices for vegetable oils have increased due to supply shortages, reaching their highest level since 2022.

According to the UN, global wheat prices continue to decline due to increased supplies.

Russia imports butter from the United Arab Emirates and Turkey to curb the sharp rise in prices

According to Reuters, Russia has decided to import butter from the UAE and Turkey to curb the sharp increase in prices, which has caused concern among consumers in the country.

According to Rosselkhoznadzor, supplies of butter from the UAE began on October 18. Prior to this, there had been no such supplies. Currently, the UAE has supplied 90 tons of butter to Russia. Russia has also begun importing butter from Turkey.

According to Reuters, butter prices in Europe have reached a record level, increasing by 83% compared to last year. This also impacts the costs of chocolate and sugar for bakers and confectioners ahead of the Christmas holidays.