Fonterra subsidiary Mainland Products has said that it is to cut wholesale prices of its main milk brands Tararua and Meadowfresh by around 6% from 2 December.
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The company expects this to translate to a fall in the supermarket retail price of milk of around 10c/litre, reported the New Zealand Press Association.
This follows claims in September by the Consumers’ Institute that some milk companies and retailer were overcharging for milk products by more than 15%.
New Zealand milk prices have risen 16% in the last three years – twice as fast as inflation in the same period, according to Statistics New Zealand.
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