http://phx.corporate-ir.net/phoenix.zhtml?c=129070&p=irol-newsArticle&ID=1316651
Organic net revenues declined 8.7 percent driven primarily by an 8.0 percentage point reduction from pricing in response to significantly lower dairy costs. Solid volume growth in Kraft Singles processed slices, Velveeta processed cheese and Philadelphia cream cheese was largely offset by declines in other cheese categories. The Easter shift favorably impacted growth by approximately two percentage points.
To put this in perspective farm milk price dropped 37.5%
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