London CNN —Poland is selling up to 1,000 metric tons (1,102 tons) of its frozen butter reserves to bring down surging prices ahead of presidential elections in May. The government’s strategic reserves agency announced the butter auction Tuesday, citing significant increases in butter prices worldwide that it blamed on a shortage of milk. And while retail butter prices are up around 20% compared with last year, wholesale prices have climbed 50%, signaling even higher prices for consumers ahead, he added. According to the European Commission, butter prices in the EU have jumped some 44% this year as dairy prices have surged around the world. Also in November, its broader Food Price Index, which tracks international prices of a range of food, reached its highest level since April 2023.

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Persons: Rafał Trzaskowski, Donald Tusk, Jarosław Kaczyński, Rafał Benecki, That’s, Benecki Organizations: London CNN —, CNN, TVN24, Financial Times, Justice Party, ING Bank Śląski, European Union, European, EU, United Nations, Food, Agriculture Organization Locations: London CNN — Poland, Biedronka, China, Canada, Poland