Cost of milk putting holes in wallets of BX residentsPosted: Updated:
The cost of a gallon of milk is putting a hole in the wallets of Bronx residents.
Sen. Chuck Schumer (D-NY) revealed that New Yorkers are paying 35 percent more for milk at grocery stores this year compared to last year. Those who purchase milk are now paying an average of $4.26 a gallon compared to just under $3.25 from last year.
According to Schumer, the price surge of milk is due to a nationwide demand for corn-based ethanol. The same corn used for ethanol is used to make feed for dairy cows at farms across the country.
Schumer says the solution to lower milk prices is to increase ethanol imports. However, he says in order to accomplish this, new legislation needs to be implemented to lift the steep tariff on ethanol imports. He plans to introduce the legislation on Jan. 14.