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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.
With high inflation, firms must change their prices often to keep up with economy-wide changes. But often changing prices is itself a costly activity whether explicitly, as with the need to print new menus, or implicitly, as with the extra time and effort needed to change prices constantly. Tax Inflation serves as a hidden tax on currency holdings.
Looks like milk prices will be going up. According to the TODAY Show, the drought in California could cause milk prices to increase by 60 cents a gallon. This price surge will likely hit in March.
Generally, minimum fluid farm milk prices increase according to the distance from the basing point. When federal milk marketing orders began in the 1930s, Eau Claire, Wisconsin was viewed as the principal surplus milk production region in the nation and hence served as the basing point for most milk priced under federal milk marketing orders.
The cost of living adjustment for Social Security benefits in 2022 will be 5.9% -- the highest COLA boost in almost 40 years. See: Social Security 2022 -- How the COLA Will Increase Benefits for ...
Prices for food items such as rice, beans, fruit and condensed milk have gone up 50 percent in Haiti since late 2007 while the price of fuel has tripled in only two months. [124] Riots broke out in April due to the high prices, and the government had been attempting to restore order by subsidizing a 15 percent reduction in the price of rice. [125]
A milk quota or dairy produce quota [1] was a historical measure used by the United Kingdom government to intervene in agriculture. Originally introduced to reflect the agricultural policies of the European Economic Community, the quota's purpose was to bring rising milk production under control. Milk quotas were attached to land holdings and ...