Prices for milk and other dairy products could go sky-high as early as January.
With the expiration of the federal Farm Bill that regulates the price of milk products, consumer costs could increase by 400% in the new year. With dairy already averaging more than 10% of an average family’s grocery bill, another jump could make consumers face some hard choices at the checkout line.
Dairy prices are already high thanks to the summer drought. Milk production per cow is down in Illinois by one-third, according to Huffington Post. If Congress doesn’t act and renew the Farm Bill all prices for dairy products could climb even higher and faster.
Dairy isn’t the only staple on the rise. Olive oil, tea and fruit prices also have been on the hike this year.
Leaders of the House of Representatives indicated that they will not take the Farm Bill into consideration until after the upcoming election. Taking into account the Christmas recess, that will leave them about four weeks to get it done.
More about rising food prices:
- Cal-Maine Profit Triples on Higher Food Prices
- 5 Things that Will Keep Driving Food Prices Higher
- 5 Ways the Drought Could Dry Up Your Wallet