It is likely that historical production costs will continue to affect the price of some cheeses, despite falling inflation rates, a producer said.
For the Cheshire Cheese Company of Nantwich, previous energy and milk price hikes will still have a "ripple effect" on the price of its mature cheese.
"We don't work in real time in the cheese industry... we'll still need to be a bit patient," said founder and managing director Simon Spurrell.
However, he said that the price of mature cheese could drop by March 2024.
During an interview with BBC Radio 5 Live, Mr Spurrell explained the delay in price drops was due to the length of time taken to produce it.
"Everyone likes mature cheese which means that you’ve got to wait 12 to 18 months," he said.
Twelve to 18 months ago, milk was at its highest ever price of approximately 52p per litre, according to Mr Spurrell.
The price of a litre of milk has now dropped to around 37p, which could mean mature cheese drops in price, but at a later date.
He expressed sympathy for the "roller-coaster" of costs that farmers have been facing over the past few years.
The cost of ingredients from farmers is a major contributor to production costs, alongside the price of energy, which has also fallen recently.
The rate of inflation is currently at its lowest since November 2021, sitting at 4.7% for the year to October, according to the Office for National Statistics.
Despite this, Mr Spurrell said he was "definitely" more optimistic for the future.