Cheese prices hit record in rare move
Prices jumped to a record earlier this month at $2.58 a pound
The U.S. food supply has been deeply affected by the coronavirus pandemic. Prices have risen due to a shortage of items ranging from beef and chicken to fresh vegetables.
Food chains have been disrupted as workers in plants have fallen sick.
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One item that has taken markets by surprise is the rise in the price of cheese.
Cheese prices hit a record high this month, just weeks after falling to nearly 20-year lows, according to The New York Times.
Cheese is traded on the Chicago Mercantile Exchange like other commodities.
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Prices jumped to a record earlier this month at $2.58 a pound.
With restaurants and schools closed, demand fell. Although consumer demand picked up, it didn't make up for the overall slump.
Bulk prices for everything from mozzarella to Parmesan are being quoted now at a premium.
Those increases filter down to shoppers at the grocery store.
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People stockpiled cheese in March and April as consumers prepared for quarantines.