Global Food Prices On the Rise

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Global Food Prices On the Rise
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Global Food Prices On the Rise

It wasn't so long ago that your groceries were cheaper than they are today. Find out how much more you are paying for popular dairy items today.

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Milk

In July of 1995, the average price for a gallon of milk was $2.47, more than a dollar less than the average price today, according to the U.S. Bureau of Labor Statistics. If you are purchasing one gallon of milk per week, you are spending around $52 dollars more in a year than you would have just 18 years ago.

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Cheese

In the past year alone, the price of natural cheddar cheese per pound has seen a 6 percent increase, and since 2003, the price has risen by nearly $2 per pound.

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Butter

Since the first week of 2013 (just 14 weeks ago), there has been a 7 percent increase in the price of butter per pound. Looking a bit further back, in 2000, butter cost 85 cents per pound on average and now puts us out $1.64.

Ice Cream

We pay approximately $1.40 more today for a half gallon of ice cream than we did 10 years ago, so over the last 10 years, the price of ice cream has risen by 37 percent!

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Have you noticed your groceries costing more lately? Well, if so, it's not just your imagination. Global food prices rose by 1 percent in March, and there was a particularly large increase in the price of dairy products. According to the Food and Agriculture Organization of the United Nations, the price of dairy rose 22 points in its global food price index which measures food prices each month. That is an 11 percent increase, and one of the biggest jumps it has ever recorded.

According to the FAO, the current price index increase was caused by unusually hot temperatures and dry weather in Australia, New Zealand and their surrounding islands (leading to less milk production) paired with market uncertainty. The price of dairy in that region has surged and exported products have also increased. Weather in Europe has also contributed to the price increases as its spring milk production has been limited because of halted pasture growth.

How much more are you paying for dairy products today? We take a look back at how much the most common dairy items cost in recent years' past and how much they cost now. Check out the slideshow above to find out!

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