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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.
Dairy is a significant part of the agricultural output of New York state. New York ranks forth out of the fifty states in dairy production. The state's nearly 4,000 dairy farms annually produce over 15 billion pounds of milk. [1]
Following the hearings, the state of New York established a Milk Control Board in 1933 that was empowered to set maximum and minimum retail prices. The board set the price of a quart of milk at 9¢. The price reflected the market price at some point in the past and the order was designed to prevent price cutting. [2]
Grocery prices saw another decline in the month of April, down 0.2% month-over-month. Year-over-year though, prices are still up, 7.1%.
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The average price of milk right now is $3.50, but milk has reached $3.80 at its peak price, according to the U.S Bureau of Labor Statistics. Check out the video above for more on the looming price ...
1957 saw a regulatory battle between the companies and the New York State Department of Agriculture and Markets for the right to sell the company's own milk in its own stores. It was resolved in Stewart's favor, and as a result of this vertical integration, retail milk prices in the stores dropped by 25%. [4]
For most of us who didn't study economics, inflation is a concept you notice only when the items you usually purchase are suddenly more expensive during your grocery shopping checkout. Primer ...