Milk prices are 81.20% higher in 2026 versus 1998 (a $2.19 difference in value).
The latest available average price is $4.23 in August 2026 for Milk, fresh, whole, fortified, per gal. (3.8 lit). See observed price history.
Between 1998 and 2026, Milk experienced an average inflation rate of 2.15% per year. This rate of change indicates significant inflation. In other words, milk costing $2.70 in the year 1998 would cost $4.89 in 2026 for an equivalent purchase. Compared to the overall inflation rate of 2.57% during this same period, inflation for milk was lower.
In the year 1998: Pricing changed by 1.31%, which is below the average yearly change for milk during the 1998-2026 time period. Compared to inflation for all items in 1998 (1.55%), inflation for milk was lower.
According to the U.S. Bureau of Labor Statistics, the average price of milk rose 56%, from $2.70 per gallon in 1998 to $4.23 in August 2026. Overall prices rose 106% over the same period, so milk rose more slowly than inflation. This data is collected by a national survey and can vary from region to region.
● Price● Price, inflation-adjusted
The average price for milk is calculated from a weighted average of retailer data collected by the Bureau of Labor Statistics. The table below shows the average U.S. price of milk, fresh, whole, fortified, per gal. (3.8 lit) each year, along with the same price adjusted for inflation. To understand how price levels differ from inflation rates, see this article published by the BLS.
| Year | Price (per gallon) | Price, inflation-adjusted |
|---|---|---|
| 2026 (partial) | $4.18 | $4.18 |
| 2025 | $4.07 | $4.23 |
| 2024 | $3.98 | $4.26 |
| 2023 | $4.03 | $4.43 |
| 2022 | $4.09 | $4.68 |
| 2021 | $3.54 | $4.38 |
| 2020 | $3.32 | $4.30 |
| 2019 | $3.04 | $3.98 |
| 2018 | $2.90 | $3.86 |
| 2017 | $3.23 | $4.41 |
| 2016 | $3.20 | $4.47 |
| 2015 | $3.42 | $4.83 |
| 2014 | $3.69 | $5.23 |
| 2013 | $3.46 | $4.98 |
| 2012 | $3.49 | $5.10 |
| 2011 | $3.57 | $5.32 |
| 2010 | $3.26 | $5.01 |
| 2009 | $3.11 | $4.85 |
| 2008 | $3.80 | $5.90 |
| 2007 | $3.50 | $5.66 |
| 2006 | $3.08 | $5.12 |
| 2005 | $3.19 | $5.47 |
| 2004 | $3.16 | $5.60 |
| 2003 | $2.76 | $5.03 |
| 2002 | $2.76 | $5.13 |
| 2001 | $2.88 | $5.46 |
| 2000 | $2.78 | $5.41 |
| 1999 | $2.84 | $5.72 |
| 1998 | $2.70 | $5.56 |
| 1997 | $2.61 | $5.46 |
| 1996 | $2.62 | $5.60 |
| 1995 | $2.48 | $5.46 |
Yearly averages; 2026 is through August. Inflation-adjusted to 2026 dollars.
Below are calculations of equivalent buying power for Milk, over time, for $2.70 beginning in 1998. Each of the amounts below is equivalent in terms of what it could buy at the time:
| Year | USD Value | Inflation Rate |
|---|---|---|
| 1998 | $2.70 | 1.31% |
| 1999 | $2.87 | 6.20% |
| 2000 | $2.87 | 0.15% |
| 2001 | $3.00 | 4.59% |
| 2002 | $2.95 | -1.86% |
| 2003 | $2.97 | 0.84% |
| 2004 | $3.33 | 12.04% |
| 2005 | $3.38 | 1.61% |
| 2006 | $3.34 | -1.19% |
| 2007 | $3.73 | 11.68% |
| 2008 | $3.96 | 5.99% |
| 2009 | $3.44 | -13.15% |
| 2010 | $3.56 | 3.57% |
| 2011 | $3.89 | 9.16% |
| 2012 | $3.93 | 1.12% |
| 2013 | $3.98 | 1.17% |
| 2014 | $4.17 | 4.96% |
| 2015 | $3.93 | -5.81% |
| 2016 | $3.75 | -4.61% |
| 2017 | $3.72 | -0.71% |
| 2018 | $3.65 | -1.91% |
| 2019 | $3.75 | 2.73% |
| 2020 | $3.96 | 5.52% |
| 2021 | $4.09 | 3.44% |
| 2022 | $4.67 | 14.00% |
| 2023 | $4.69 | 0.59% |
| 2024 | $4.69 | -0.13% |
| 2025 | $4.77 | 1.75% |
| 2026 | $4.89 | 2.56%* |
* Not final. See inflation summary for latest details.
** Extended periods of 0% inflation usually indicate incomplete underlying data. This can manifest as a sharp increase in inflation later on.
Raw Consumer Price Index data from U.S. Bureau of Labor Statistics for Milk:
| Year | 1997 | 1998 | 1999 | 2000 | 2001 | 2002 | 2003 | 2004 | 2005 | 2006 | 2007 | 2008 | 2009 | 2010 | 2011 | 2012 | 2013 | 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 |
| CPI | 100.000 | 101.308 | 107.592 | 107.750 | 112.700 | 110.608 | 111.542 | 124.975 | 126.983 | 125.467 | 140.119 | 148.507 | 128.978 | 133.586 | 145.819 | 147.449 | 149.176 | 156.572 | 147.479 | 140.674 | 139.677 | 137.005 | 140.743 | 148.507 | 153.618 | 175.120 | 176.145 | 175.912 | 178.983 | 183.568 |