DES MOINES, Iowa — The new year could bring new worries for American consumers: Milk prices could double or triple.
Without a new Farm Bill by Tuesday, milk prices by law would revert to rules set in 1949, which could send milk prices soaring. Those pricing laws, complete with inflation adjusters, have the potential to send prices as high as $8 a gallon from the present $3.50 a gallon national average by as soon as February.
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But milk producers and processors believe action will be taken to avert the price spike.
Underscoring the nervousness around a potentially hot consumer issue, President Barack Obama on Friday urged Congress to at least pass an extension of the current Farm Bill, according to Politico.
Read more at USA TODAY.
