MILK prices will not fall much further, the UK’s biggest dairy producer says.
Arla reckons shops are not likely to keep cutting the cost.
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Supermarkets are now charging around £1.45 for four pints, compared to £1.65 a few months ago.
It follows drops in energy and feed costs which spiked last year, sending prices rocketing by around 40 per cent.
War in Ukraine also contributed to the fastest rise in the price of basic essentials, such as milk, in 45 years.
Fresh food inflation eased last month but Arla managing director Ash Amirahmadi told The Sun he thinks prices will remain elevated.
He said: “We are looking at a future with food that’s more expensive. I don’t think that we are going back to the prices pre-inflation.”
Sales of Arla’s branded products, such as Lurpak and Anchor butter, slumped by 10 per cent last year as shoppers switched to lower-priced own-brands to save cash.
Mr Amirahmadi said Arla had shrunk its Lurpak tubs from 500g to 400g and cut the price by a fifth after customers said it was too costly.
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It said they were up 18 per cent in the first quarter.
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ITV’s all out
ITV has dropped its pursuit of £1billion-valued ALL3MEDIA, maker of Traitors, Gogglebox and Fleabag.
Bosses expressed an interest last month when owners Warner Bros.
Discovery and Liberty Global put All3Media up for sale.
Channel 4 had warned the takeover could harm competition.
Good week
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ANTHONY Smith, boss of Shoe Zone which boosted profit expectations on the back of a surge in sales of its cheaper sandals.
Bad week
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NEW Thames Water co-chief Cathryn Ross, accused of not properly monitoring water firm debts while Ofwat boss.
This post first appeared on thesun.co.uk
