Gallon Prices Rising

1 decade 1 year 3 weeks ago Saturday, June 23 2007 Jun 23, 2007 Saturday, June 23, 2007 12:40:58 AM CDT June 23, 2007 in News

You may have to increase your grocery budget. Milk is running $3.10 a gallon right now and MU food scientists say it's going to keep going up.

"Right now, we're looking at this price to go over $4.00, maybe as high as $4.50 a gallon by late summer," Peter Zimmel, an agricultural economist, said.

The reason: a high worldwide demand for U.S. Dairy products. Zimmel says there's an international demand for dairy products like cheese and butter. This will lead to an increase of milk prices.

Zimmel says this is happening now because of a drought in New Zealand and increased incomes for emerging countries.

But for people that need milk, the price doesn't matter.

"So I have [to spend $3 more] a week. That's less than three sodas, it's not that big of a deal to me," Debbie Dougherty said.

The study forecasts a price peak in August. Like gas, milk prices will vary across the country this summer.

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