With cheese manufacturer Bega already feeling the effects of rising milk prices, it won't be long until consumers are also noticing the cheese squeeze. hijessicayun costofliving cheese Begacheese milkprices
Bega Cheese has warned investors it expects profits to fall next year due to a surge in milk prices, triggering an 9 per cent slide in its share price to nine year lows.
Bega Cheese has forecasted lower earnings for the 2023 financial year compared to the previous financial year. “However ... there has been particularly strong competition amongst milk processors during June and July,” the trading update stated. Farmgate prices in Victoria have turned out to be to 30 per cent higher than 2022 levels.“The farm gate price increase will benefit farmer suppliers, impact all Australian dairy companies, and is already being reflected in higher product prices in the retail and food service market,” it said.
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