We’re building a food price index at Trundler, and today, we’ve been looking at the price of milk! Here’s a quick look at how prices have changed over the last five months.
The price of low fat milk peaked in mid-May, but dropped back down to pre-lockdown levels at the end of May. Currently, low fat milk is about 1% more expensive than it was at the start of lockdown.
The price of full cream milk also increased during May. It is currently about 2% more expensive than it was at the end of March.
The price of preserved (long life) milk went up by an even higher margin - 5%. Take a look at the sharp increase in price right before the start of lockdown level 3!
Like the other milk products, the price of maas (fermented milk) also went up in May. There is some good news though: the price of maas is now (almost) back to pre-lockdown levels.
Milk powder is the last product in our trolley of milk products. Unfortunately, the price of milk powder has also increased, and it’s now about 3% more expensive than it was before lockdown started.
Consolidated milk prices
Let’s have a look at the consolidated plot of all the milk products we’ve looked at in this post.
You might notice that the consolidated plot somewhat resembles the plot for full cream milk. That’s because we’re using the StatsSA CPI weighting system, where full cream milk is given more weight than other products.
Most people need to buy milk every week, so these price increases are going to add even more pressure to those who are already struggling in the current economic crisis. Let’s hope that there is some relief on the way soon.