
Indian liquid milk inflation approached 5% in October 2026, and paneer prices rose more than 5.5%, with curd and yoghurt inflation at 4.4%. Amul and Mother Dairy then announced new retail price increases in November.
Powdered milk, cheese, buttermilk and lassi were relatively insulated from the increases.
Rising cattle-feed costs and dairy inflation in India point to firmer domestic milk demand and input costs, though the effect on global feed commodity prices is limited.
After 20 past bullish macro events, Milk (Class III) moved a median +0.1% over 5 sessions (55% higher; middle half -0.1% to +2.4%), and +2.4% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.