As a second wave of COVID-19 hits the U.S., leading to various lockdown measure from state to state, the price of cheese has taken an unexpected hit. Wholesale cheese prices are plunging, as some diners refrain from eating out and certain restaurants return to a take-out only model.
This week, a 40-pound block of Cheddar was valued at about $1.66 per pound— plunging as much as 40% just this month, according to Chicago Mercantile Exchange Data, as reported by Bloomberg News.
Experts expect the price of wholesale cheese could continue falling as New York City prepares to halt indoor dining, and with California having already imposed curfews and closed restaurants for dine-in service.
In fact, the price of cheese has been fluctuating since the coronavirus pandemic hit the United States in March. Cheddar prices tanked in mid-April, where they hit just $1 per pound — the lowest it has been in 20 years, according to the New York Times. But prices jumped in June, reaching $2.81 a pound.