EU wholesale prices

Updated 16 July 2026

An overview of how the dairy markets are moving in the EU. Price series comparing average EU wholesale prices of butter, skimmed milk powder (SMP), whole milk powder (WMP) and cheese. They are updated on a monthly basis.

In June, wholesale price movements of EU dairy products mostly declined.

Milk deliveries continued to grow in May, despite lower prices and increased input costs for producers.

Butter prices were down 1.3% month-on-month and have now recorded a significant decline of 47% year-on-year. High stocks of butter are weighing on prices. 

SMP prices decreased by 1.7% month-on-month in June. Higher stocks have limited upwards movement in the latest month, but prices remain well ahead of year-ago levels, supported by growing consumer demand for protein.

WMP prices declined by 2.9% month-on-month and 25.4% year-on-year.

The average cheese price increased marginally by 0.1% overall. Within cheese categories, Emmental (-1.8%) and Cheddar (-0.6%) declined, while Gouda (+2.3%) and Edam (+1.2%) increased.

Table 1. EU (ex UK) wholesale prices

Source: Milk Market Observatory

*Simple average Emmental, Gouda, Edam and Cheddar prices

Figure 1. EU (excluding UK) wholesale prices, May 2023 to May 2026

Source: Milk Market Observatory

Figure 1 shows butter prices rising sharply through 2024, peaking in mid‑2024, then falling in late 2025. SMP remains the lowest and fairly stable. WMP and whey trend upward gradually. Average cheese prices are relatively steady, with a slight rise in 2025 followed by a dip.

Please note that prices can vary markedly within each market sector: the prices above are intended to give a guide to trends in price changes, but the absolute values experienced in the market place may differ from those shown.

While AHDB seeks to ensure that the information contained on this webpage is accurate at the time of publication, no warranty is given in respect of the information and data provided. You are responsible for how you use the information. To the maximum extent permitted by law, AHDB accepts no liability for loss, damage or injury howsoever caused or suffered (including that caused by negligence) directly or indirectly in relation to the information or data provided in this publication.

All intellectual property rights in the information and data on this webpage belong to or are licensed by AHDB. You are authorised to use such information for your internal business purposes only and you must not provide this information to any other third parties, including further publication of the information, or for commercial gain in any way whatsoever without the prior written permission of AHDB for each third party disclosure, publication or commercial arrangement. For more information, please see our Terms of Use and Privacy Notice or contact the Director of Corporate Affairs at info@ahdb.org.uk  © Agriculture and Horticulture Development Board. All rights reserved.