Wholesale butter prices have fallen to their lowest levels since December last year, new data from DairyCo shows.

UK butter prices crashed 10% in November on October figures, to £3,150 per tonne.

A weaker euro, which was down nearly 2% against sterling since September, had made EU imports more competitive, DairyCo claimed.

The slump will be welcomed by butter packers, retail buyers and consumers, who have been faced with price rises recently.

DairyCo predicts further falls in the wholesale price, because more butter is expected to come onto the market over the next few months.

“Extra EU butter made over Christmas could provide further downward pressure just as up to 30,000 tonnes of New Zealand butter is reportedly destined for the UK in early 2012,” DairyCo said.