Gallon of milk now $4.37 in NY

NEW YORK (WABC) -- The state-controlled price for a gallon of milk goes up to $4.37 starting this morning.

That is 44 cents higher than the current price and 72 cents more than it cost on May 1. City dairy officials say several factors are to blame, including rising fuel, lower corn supplies and floods in the Midwest.

"With the huge increases in gasoline, which is driving all these other factors, normally we're able to predict going forward based on supply and demand and what prices are going to be," said Henry Beyer, president of Beyer Farms and Tuscan Dairy. "But I wouldn't even venture a guess."

The new price may be high, but it is 17 cents less than New York's record high of $4.54, set last August.

For other stories in our On the Money series, click here.

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