Dairygold chief warns of ‘significant’ food price increases later this year

Rising costs right through supply chain mean consumers will face higher weekly shopping bills ‘very soon’, says co-op boss

Conor Galvin, chief executive of Dairygold: ‘There’s no denying that the current wave of inflation in the food supply chain is going to start feeding through to consumer pricing very soon’

Significant food price inflation is set to take hold in Ireland in the second half of this year, the head of one of Ireland’s largest food companies has warned.

Conor Galvin, chief executive of Dairygold, the Cork-based dairy co-op, said global food commodity prices were in record territory, and that it was only a matter of time before consumers began to see the consequences in their weekly shopping bills.

“Right through the food supply chain, there is very significant cost inflation. We’re paying our farmers record prices for milk this year, well above 40 cent per litre, and that looks like it’s going to continue for a lot of 2022. We’re also seeing very significant cost inflation in the price of energy, which is a key input for this business,” Galvin told the Business Post.