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These purchase prices are set high enough to enable dairy processors to pay farmers at least the support price for the milk they use in manufacturing these products. The 2002 farm bill (P.L. 107-171, Sec. 1501) mandated a support price of $9.90/ cwt , effective through December 31, 2007, when the program by law was scheduled to expire.
As customers demanded milk, markets would look to higher-priced overseas milk producers to make up the shortage, and prices would go up on everything from butter to yogurt to pudding.
Particularly notable was the rapid increase of consumption of milk in China and the rise of the price of milk in the United States above the government subsidized price. [87]
The international market price of wheat doubled from February 2007 to February 2008 hitting a record high of over US$10 a bushel. [92] Rice prices also reached ten-year highs. In some nations, milk and meat prices more than doubled, while soy (which hit a 34-year high price in December 2007 [93]) and maize prices have increased dramatically.
After a 8.4% milk price increase in 2022 – the largest since the CDC was created in 1967 – a C.D. Howe Institute commentary said not only are such large price rises undesirable for consumers, but they could be detrimental to the dairy industry if they lead to more illegal milk entering the market from the United States. [22]
Cow Milk Production by State in 2016 After a brief rise following the Great Recession of 2008-9, milk prices crashed again in the late 2010s to well under $3 a gallon at major grocers in the United States. Pennsylvania has 8,500 farms with 555,000 dairy cows. Milk produced in Pennsylvania yields an annual revenue of about US$1.5 billion. [70]
Food prices soared 3.1%, making up 80% of the increase in goods prices. Wholesale egg prices vaulted 54.6%, the most since June, after declining 20.6% in October.
On a "core" basis, which strips out food and energy prices, CPI is forecast to have risen 3.3% over last year in October, unchanged from September's increase. Monthly core price increases are ...