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Milk Prices On The Rise

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What’s good for one, can be bad for the other. According to the¬†United States Department of Agriculture, the local and foreign demand for dairy products will result in a rising cost for consumers.

The reason for this? According to Andrew Novakovic, Cornell University Professor of Agriculture and Life Sciences, the rise in demand from China and other emerging markets.

Novakovic says milk may rise as much as 20 cents a gallon in the next few months. That price could come down by the end of the year but there is also a chance it could go higher than 20 cents.

There are two ways though that the ‘spike’ could be a quick one

  1. It is expected that dairy farmers will ramp up production this year to offset the demand and make the price hike a temporary one.
  2. Some retailers may continue to discount their milk products and the consumer may not see as much of an impact.

Only time will tell what will happen next but don’t be surprised when you go to buy milk and it’s a bit more expensive than you remember.

 

[WXXI / Reuters]

 

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