Milk prices up 7.5 percent from 2013 - CBS46 News

Milk prices up 7.5 percent from 2013

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Milk prices are up from last year and analysts say that those prices will continue to rise for the time being. (Source: CNN) Milk prices are up from last year and analysts say that those prices will continue to rise for the time being. (Source: CNN)

(CNN) – You might want to take a closer look at your grocery bill. If you haven't noticed already, milk prices are higher than they were last spring.

According to the Bureau of Labor Statistics, a gallon of whole milk cost $3.69 in April.

That's up from 7.5 percent where it was at the same time a year ago. It's the highest price shoppers have seen since way back in September 2011.

Unfortunately, analysts expect prices to continue to rise, at least for now.

Much of the blame can be placed on China.

Milk demand there, along with other southeast Asian and Latin American countries has been skyrocketing.

Analysts say consumers there are upgrading their palates to more expensive meat and milk products. And as the imports into those places increase, it naturally decreases the supply left over for the U.S.

Farmers in the U.S. aren't getting as big a cut as you might think, though.

Currently, only a third of retail prices are what is called the "farm share."

In the 80s, they used to get half. Farmers aren't losing out completely thought. The USDA says dairy farming is one of the few bright spots in commercial agriculture this year.

Although you're paying more at the checkout, the economy overall benefits.

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