Fonterra has announced cuts in its butter and cheese prices in New Zealand in line with international price falls.
“Butter and cheese prices in New Zealand increased in April, however, since then international prices have dipped and we will see these decreases flow through to consumers from next month," said Fonterra Brands Managing Director Peter McClure.
“In February 2011, we announced a freeze on the wholesale price of fresh milk in New Zealand," McClure said.
“At this stage there are no changes planned to fresh milk prices, but if international milk prices drop significantly we will of course flow these decreases onto consumers.”
Wholesale butter prices have fallen around 20% in New Zealand dollar terms since early March.
Wholesale cheese prices have fallen around 15% in New Zealand dollar terms since early March.
See our interactive dairy commodity price charts here and below: