Why margarine and butter prices soared 32%.

By The Exchange Team

Chefs, bakers, and foodies are gasping: Food prices are climbing, especially for butter and margarine.

According to Thursday's consumer price index statistics, prices for these ingredients and spreads rose 32% in September compared to a year ago.

Specifically, Margarine prices jumped 44% and butter prices surged roughly 27%, according to the CPI, a major inflation metric.

According to experts, these costs will likely remain elevated for the remainder of the year.

The significant surge is partially due to rising labour and distribution expenses, say experts.

It's also tied to geopolitical events like the Ukraine crisis, weather, and other factors affecting the dairy industry and vegetable oil market, a margarine component.

Matt Herrick, a spokesman for the International Dairy Foods Association, said butter production costs have risen.