Love cereal? Well, then you and Jerry Seinfeld may soon be paying a lot more for the stuff (though I'm sure the increased cost won't bother Jerry too much).
Because of unfavorable weather conditions in key areas (who knew one of the places we get our wheat for cereal from was the Black Sea region of the Ukraine??), the cost of wheat is going up, and if those prices continue to be high then companies like Kellogg and General Mills will have to raise prices on their boxes of cereal.
If that wasn't enough bad news? The price of milk is also going up! Milk prices in the U.S. are up 3% this year, and could skyrocket towards the end of the year.
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