Prices in Fonterra’s Global Dairy Trade Auction overnight rose 1.2 percent, following a more than 7 percent lift two weeks ago.

The average price across the board at the auction was up to $3,960 US dollars per tonne, prompted by extreme weather patterns in Europe and drought here in New Zealand.

The global lift over the last 6 months has seen consumer dairy prices rise, in some cases more than 50 percent.

The price of a 2 litre bottle of milk is now around $4.50, resulting in a 1 percent fall in milk sales over the last 3 months.

Fonterra Brands managing director Peter McClure, says these are the highest milk prices he’s seen.

Federated Farmers Dairy Chairman Lachlan MacKenzie says the high prices may be tough to bear, but it’s not just New Zealanders dealing with the problem.

"We’re paying the exact same price as everyone else in the world.

"As you know the price goes up on the world price and there’s always a delay.

"So if I’ve got a tank of milk and I can sell, what’s my motivation?

"Basically I want to try and sell that milk for as many dollars as I can."