CNNMoney says that milk prices have soared 23.2% through November of this year, and people are cutting back on the amount of milk that they purchase.
John Norris’ family is drinking a lot less milk these days. He said he considers the higher prices and has cut back on his kids’ milk consumption. But between work and family obligations, he still drives almost as much as he used to.
“That’s the reason I cut down on milk consumption – so I can drive my car,” said Norris.
And Norris should know. He’s the director of wealth management for Oakworth Capital Bank and a food price expert.
The Norrises aren’t the only family getting pinched at the grocery store. Prices of food and non-alcoholic beverages rose 4.7 percent since the beginning of the year through November, outpacing the 4.3 percent increase in the overall cost-of-living, according to the federal government’s Consumer Price Index.
Everyday foods like fruits and vegetables, beef, poultry and cereals are on the rise. The price of milk is the biggest culprit, with a staggering increase of 23.2 percent through November. And with basic foods like dairy and wheat driving up the cost of other groceries, almost everyone is feeling the squeeze.
Are these price increases hurting you? Are you drinking less milk?