Lorcan Allen’s Stock Take: Food prices to remain high for some time due to energy costs

Dairygold and Lakeland last week revealed just how severely the surge in the price of thermal energy has affected their businesses

Conor Galvin, chief executive, Dairygold: ‘This is the last piece of the puzzle in relation to Dairygold’s portfolio of dairy products.’ Picture: John Allen

The stark impact of energy price inflation on businesses over the past year, and its knock-on effect on consumer prices, was laid bare last week by two of Ireland’s largest food companies, Dairygold and Lakeland Dairies.

Processing around 3.5 billion litres of milk between them, both co-ops are heavily reliant on thermal energy to turn liquid milk into commodities such as butter, cheese and protein-rich milk powders.

Speaking to the Business Post, senior management ...