You may have to start paying more for your dairy products in 2022. That's because the Canadian Dairy Commission is recommending an 8.4 per cent increase in farm gate milk prices.
The federal Crown corporation says the increase is expected to be approved by provincial authorities next month and it would take effect on February 1. In a release, the commission had this to say.
"The higher price processors will pay will help offset increased production costs for farmers due to the COVID-19 pandemic," it read. "Feed, energy and fertilizer costs have all been particularly impacted, causing farmer revenues to fall below the cost of production."
The hike is nearly double the previous record which was set in 2017 when a 4.52 per cent hike was put in place.
The retail price of milk in grocery stores could increase as much as 10 per cent while prices for dairy products like butter, cheese and yogurt could soar as much as 15 per cent.
