Bad news for all those who enjoy a little milk in their cereal in the morning. "TODAY" has all the details: 'The ongoing drought in California is going to mean sharp hikes in milk prices. You can expect to pay as much as 60 cents more for each gallon by next month.'
As you can imagine, milk manufacturers aren't upset about the price increase.
The Wisconsin State Journal says a dramatic increase in dairy exports and a limited milk production are also contributing to the higher milk prices. An economist told the publication dairy producers expect to see a record profit this year, especially since feed prices are low.
The U.S. Bureau of Labor Statistics reports the average price of milk currently is about $3.50. In the last decade, the highest milk has ever been sold for is $3.90 in July of 2008.