by Nate Wooley | October 4, 2012 11:26 am
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:
Source URL: https://investorplace.com/2012/10/why-the-price-of-milk-could-double-very-soon/
Short URL: http://invstplc.com/1ftzIgV
Copyright ©2017 InvestorPlace Media, LLC. All rights reserved. 700 Indian Springs Drive, Lancaster, PA 17601.