U.S. retail milk prices have jumped 3% this year, the USDA reported. According to an industry observer, a gallon of milk will jump another 40 cents per gallon during the next few months. Price increases are occurring because of the high cost of gasoline, which makes transportation from farm and market more expensive, and the increasing use of corn for ethanol production. The increasing global demand for milk is also a factor, one expert notes.
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