Consumption of milk is in further decline this year

The soaring retail prices of milk have led to a further decline in the consumption of the commodity this year, by 5.3% in sales volume terms in the year to April, following the drop registered for the first time in 2022.

Inflation has forced consumers to cut down even on basic food items, also switching away from branded products toward supermarkets' private label offerings.

While supermarkets have also increased prices in their own fresh milk products, they remain some 60 cents per liter cheaper than the big brands.

The "Household Basket" measure also contributed to the switch to private label milk that supermarkets chose to include in their lists.