Butter Shockwave: Fonterra Boss Grilled on Soaring Prices

The rising cost of butter in New Zealand, which has increased by over 60% in the past year, is causing significant concern among consumers and politicians. Fonterra's CEO, Miles Hurrell, has been questioned by political parties about the reasons behind the price surge, as the cost of a 500g block of butter now ranges between $8 to $11. Finance Minister Nicola Willis, who has a background with Fonterra, seeks transparency in the pricing structure to determine if these costs are due to genuine market pressures or unnecessary mark-ups. Hurrell attributes the price hike to global dairy market trends but hesitates to disclose detailed margin information, which has sparked further public and political scrutiny. The debate has reached the New Zealand Parliament, reflecting widespread discontent regarding the affordability of essential goods and highlighting the critical need for supply chain transparency.