Economy

France in the midst of its own butter crisis

France in the midst of its own butter crisis”

European butter price up around 50% so far this year.

France particularly badly hit, with shortages reported. A ton of butter cost 2,500 Euros (approximately $2,900 USD) just 18 months ago, but now, it costs almost 7,000 (approximately $8,200 USD).

In France, supermarkets are now sporadically running out of butter, as prices rise and shoppers anxiously hoard for fear they could run out. The imbalance has caused global butter prices to almost triple, according to Bloomberg. Supplies of butter have also been falling, resulting in higher prices for the product. Each person in France consumes an average of 18 pounds of butter per year. New Zealand butter exports are down and a poor harvest in Europe past year had meant less animal feed for cows. Meanwhile, China and other markets are increasing consumption of dairy products, putting pressure on the demand side, which can not be met.

Yet while falling supply is a global phenomenon, the shortage is only affecting France.

With supermarkets not paying more, producers are selling their butter overseas instead.

"The issue is purely French and is related to the fact that there's a price war raging between French retailers", Thierry Roquefeuil, chairman of the milk-producers' federation FNPL, said in a phone interview from his farm.



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