Analysis Milk
Will EU milk prices hit record highs this year?
Average milk prices received by dairy farmers in the European Union (EU27) have reached a record high so far in 2022. Can this record still be broken this year?
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Up to and including August 2022 year-to-date (YTD), the average milk price rose to €46,91 per 100 kilos, according to figures published by the European Commission. Up to and including August 2024, the average YTD price is €46,31 per 100 kilos, which is 1,29% lower than the average price up to and including August 2022. It is important to note that from September to December 2022, prices rose by another 11,23% to €52,37.
Although September prices have already been published in some countries (such as the Netherlands, where a significant increase was recorded), it is uncertain whether a new milk price record will be set in 2024. When comparing average raw material prices from 2022 with those up to and including week 37 of 2024, it appears that most prices are still lagging behind those of 2022, with the exception of butter.
The relatively high milk prices this year are relatively less attributable to proportionally high raw material prices (although expectations about future price developments can certainly play a significant role). The current relatively high price level is also inseparable from the efforts of buyers to retain farmers and, in some Member States, to prevent them from leaving the sector due to excessively low milk prices. (read more under table)
| EU milk prices August | 2022 | 2023 | 2024 | 24 vs '22 |
| Belgium | 56,22 | 38,70 | 48,84 | -13,13% |
| Bulgaria | 43,32 | 41,46 | 43,42 | 0,23% |
| Czech Republic | 47,10 | 40,04 | 43,48 | -7,69% |
| Denmark | 58,88 | 41,60 | 48,78 | -17,15% |
| Germany | 56,19 | 40,98 | 46,33 | -17,55% |
| Estonia | 48,02 | 39,73 | 42,00 | -12,54% |
| Ireland | 59,73 | 38,32 | 44,48 | -25,53% |
| Greece | 56,09 | 51,48 | 52,40 | -6,58% |
| Spain | 46,21 | 50,29 | 45,92 | -0,63% |
| France | 44,85 | 46,49 | 47,34 | 5,55% |
| Croatia | 43,22 | 48,68 | 46,81 | 8,31% |
| Italy | 50,98 | 49,46 | 50,29 | -1,35% |
| Cyprus | 62,09 | 63,54 | 63,15 | 1,71% |
| Latvia | 49,77 | 36,00 | 39,00 | -21,64% |
| Lithuania | 51,23 | 33,87 | 39,66 | -22,58% |
| Hungary | 45,22 | 39,32 | 41,59 | -8,03% |
| Malta | 61,90 | 56,08 | 61,81 | -0,15% |
| The Netherlands | 60,00 | 43,25 | 48,28 | -19,54% |
| Austria | 52,37 | 48,59 | 49,50 | -5,48% |
| Poland | 50,88 | 41,72 | 45,67 | -10,24% |
| Portugal | 40,49 | 45,95 | 43,17 | 6,62% |
| Romania | 46,07 | 44,98 | 41,38 | -10,18% |
| Slovenia | 47,86 | 42,73 | 43,58 | -8,94% |
| Slovakia | 45,28 | 40,84 | 38,68 | -14,58% |
| Finland | 50,12 | 51,31 | 45,10 | -10,02% |
| Sweden | 53,85 | 36,41 | 44,27 | -17,79% |
| EU weighted avg. | €52,37 | €43,54 | €46,69 | -10,85% |
Although the average price up to August 2024 in the EU27 is still lower than the level up to August 2022, some individual countries have already exceeded their 2022 price level. The countries paying a higher milk price than in 2022 are Bulgaria, France, Croatia, Cyprus and Portugal. Almost all Member States are now paying a higher milk price than in 2023, with the exception of Spain, Croatia, Cyprus, Portugal, Romania, Slovakia and Finland.