Coles increases price of butter by 22 per cent in one week

Coles’ customers will have to shell out an extra 70 cents for the grocery store’s home-brand butter following a hike in global prices.

A keen-eyed shopper spotted the 22 per cent increase in cost after comparing two receipts from separate shopping trips.

‘Can you please tell me why the price of butter has gone up? These receipts are one week apart…’ the woman wrote on Coles’ Facebook alongside an image of the receipts.

During her first shopping trip, a 500gram block of butter cost $3.60 each.

A keen-eyed shopper spotted the 22 per cent increase in cost after comparing two receipts from separate shopping trips (pictured)

During the woman’s first shopping trip, a 500gram block of butter cost $3.60 each. In the second receipt, the same 500gram block is listed as $4.40 each (stock image)

In the second receipt the same 500gram block is listed as $4.40 each.

A Coles’ spokesperson responded to the woman via social media, attributing the increase to the rising price of butter globally.

‘Coles is committed to reducing the average cost of our customers’ shopping baskets as we have been doing since 2008,’ the spokesperson said.

A Coles’ spokesperson responded to the woman via social media, attributing the increase to the rising price of butter globally (pictured)

‘However, due to changing world commodity prices and a significant cost increase from our supplier, we have increased prices for Coles Brand Butter and Butter blends to reflect the higher cost.’

The global price of butter has steadily risen by almost 60 per cent over the past year, according to the Global Dairy Trade.

The global butter price reached an average price of $6,004 in July before dropping slightly to $5,747 at the beginning of August – a 150 per cent increase when compared to global prices two years ago. 

The global price of butter has steadily risen by almost 60 per cent over the past year (stock image)