Schumer wants probe of retail milk prices

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ALBANY, N.Y. (AP) - New York Sen. Charles Schumer is calling for a federal investigation into why a decline in retail milk prices hasn't matched the steep drop in what dairy farmers are paid for what they produce.

Schumer says that while the price paid to farmers has fallen by nearly 50% since January 2008, the price consumers pay in stores is down just 15%. He's asking Thursday for an investigation by the Department of Justice and the Federal Trade Commission.

The U.S. Agriculture Department announced last month it would temporarily raise the price paid for milk and cheddar cheese through a dairy price support program. The price paid by dairy processors to farmers is set by the government, based on commodity markets that rise and fall with global demand.

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