“Are slowly climbing milk prices evidence that price inflation is not a threat? Far from it, it is another example of Krugman thinking only one or two steps deep. The fact of the matter is that milk consumption is crashing in America. This change in milk consumption patterns is having the effect that one would expect, falling milk sales. In 2011, total U.S. beverage milk sales were 53 billion pounds – about 6 billion gallons – the lowest level since 1984, according to U.S. Department of Agriculture. Whole milk beverage sales in 2011 were less than half their level from the early 1980s. Got that? Milk sales are crashing, and it is across all age groups.”
http://www.economicpolicyjournal.com/2013/07/a-whole-mess-from-krugman-about-whole.html
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