John Stevenson: Fonterra Co-operative Council Chair on food prices increasing 5% in the 12 months to August - The Mike Hosking Breakfast

Food prices are continuing to rise, with a 5% increase in the year to August. 

Dairy continues to be the main driver, with the price of milk rising 16%, cheese 26%, and butter 32%.  

Meat, poultry, and fish followed behind, up 8.1% annually. 

Fonterra Co-operative Council Chair John Stevenson told Mike Hosking what they see is a pretty clear correlation between current prices and global markets. 

He says it’s a good time to be a farmer now but it may not always be the case, and you only have to go back to the 23/24 season in which the headline milk price was below the cost of production to see that. 

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