Warning over price of cheese
Tuesday 18th May 2010, 11:06AM BST.
Cathedral City cheese maker Dairy Crest warned over pricing pressures today as it posted a five per cent increase in annual profits.
The group, which also makes Clover spread and Country Life butter, said rising commodity costs and a poor spring for British milk production would put pressure on prices over the coming months.
Dairy Crest, which has a base at Crudgington, near Telford, reported underlying pre-tax profits of £83.5 million for the year to March 31, up from the £79.5 million seen a year earlier thanks to cost cutting and higher sales of its key brands.
The group said it hoped further action to save cash and make efficiencies would help offset input commodity price hikes as it stressed it was well placed to “deal with the challenge”.
However, there have been fears raised recently that a disappointing year for British milk yields and soaring global demand for milk powder and butter could lead to higher cheese prices.
It is thought shoppers may face a rise of up to 10 per cent in the cost of Cheddar cheese.
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Gromit lad – you’d better buy some extra cheese while you’re down the shops…..
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A small interesting snapshot from a bigger picture. Surely inflation will rise steadily when these crippling diesel prices come feeding through. Scary times to come.
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