Cheese Prices Are at an All-Time High Due to Increased Demand During Coronavirus
Cheese prices in June jumped 160 percent since April
There's a reason why making the perfect cheese board has become so expensive during quarantine.
As the coronavirus pandemic has caused supply chain issues around the world, the cheese market has not come out unscathed — in fact, buyers have seen that the price of cheese has actually skyrocketed since June.
According to Business Insider, the increase in the demand for cheese has caused the product's price to reach record highs, especially since many of the restaurants that are able to remain open with takeout and delivery are big cheese users (think pizzerias and fast-food eateries).
On June 8, the Chicago Mercantile Exchange saw that a price of a block of cheddar cheese was selling for $2.585 a pound, a 160 percent increase from April.
In only two months, the price of cheese jumped from its April selling price of one dollar, the lowest it had been in 20 years.
At the beginning of the crisis, cheese prices in the U.S. were lower than anywhere else because cheese suppliers that typically sold to restaurants and schools, no longer had any demand.
These suppliers then pivoted to foreign buyers, however, with America's restaurants opening back up, these suppliers are struggling to get back in the U.S. market.
Additionally, retail demand for cheese when the pandemic struck went up between 20 to 30 percent as people were forced to stay home and cook, the outlet added.
Until the supply chain is able to get back on track, cheese lovers shouldn't be surprised if these high prices stick around.
The cheese market is in short supply and many factories do not want to return to normal operations in case a second shutdown occurs.
Cheese isn't the only food that has been impacted by the coronavirus crisis either.
As a result of the unexpected home baking binge, supermarkets and online retailers are struggling to meet the demand for dry ingredients like flour and yeast. According to Marketplace, King Arthur Flour has reported sales that are three-times higher than usual.
But nothing has seen a bigger sales jump than dry yeast. According to Nielsen, yeast sales were up by 647 percent at the end of March, compared to the same week last year. “No other grocery product tracked by Nielsen experienced such rapid sales growth in that seven-day period,” Business Insider reported.
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