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Rising milk prices hit household budgets across India.
According to the latest retail inflation data, the price of milk soared 8.8% year-on-year in January, its fastest pace since April 2020.
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Many Indians have simply stopped buying milk, according to a survey of 10,000 households in 300 urban and rural districts by LocalCircles India.
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The problem for milk starts with fodder. At this point, wheat production is forecast to hit a record high this season. Despite that, domestic prices have stayed elevated.
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Milk prices have always been cyclical, and this situation occurs every three to four years, according to Indian Dairy Association President R. S. Sodhi.
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Tight global supplies and higher exports have exacerbated domestic shortages, and, therefore, higher prices prevail in local markets, says Parag Milk Foods Executive Director Akshali Shah.
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Higher milk prices have also pushed up prices for dairy products like ice cream by 11%, ghee by 18%, butter by 7.5%, and curd by 9%.
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