Add rice, whole milk and cinnamon sticks to a boiling pot and bring to a boil. Turn low and let simmer on a low fire until soft (20-30 minutes, depending on type of rice). Stir regularly to prevent sticking. When not using a lid, the milk will form a skin you should remove before stirring.
Turn of the stove and stir in heavy cream and condensed milk. Check the sweetness of the pudding and add sugar if necessary
Serve the arroz con leche in little bowls or glasses. Top with some raisins and cinnamon powder. Let cool a bit and serve warm, or keep in the refrigerator and serve cold later
Notes
Although this recipe uses three types of milk/cream, you can omit the heavy cream and/or the condensed milk. Be aware that you might have to add a bit more of the milk/cream you are using, and that it affects the amount of sugar you need to add in the end. See blog post for more information.
The amounts of condensed milk and heavy cream are estimates. How much you need also depends on how dry or wet the in milk cooked rice is. The consistency needs to be slighty runny.
The amount of sugar depends on what milk/creams you use and how much. When following this exact recipe, I do not add additional sugar, but taste and see how you like it.
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