Dairy lovers beware: the price of milk could go up 60 cents a gallon in March, reaching record-breaking prices.

According to NBC News, cheese is to blame for the potential spike in milk prices next month. In January, short supply pushed cheese to a new peak, jumping from $1.80 to $2.36 a block and, in turn, driving the March increases for "fluid milk."

In early 2013, farmers responded to higher feed costs by cutting back on herd growth. Tighter supplies and higher prices were also caused by the fact that more of the world's milk is flowing to growing countries like China. Last year, China boosted its total dairy imports by 42 percent as production fell to 15 percent.

"While strong export demand is not a new development, its magnitude and intensity have been underestimated," said Dean Food Co. Chief Executive Gregg Tanner, reports the Wall Street Journal.

The average price for milk was $3.50 in December, according to the the Bureau of Labor Statistics.

While some stores may choose to consume the 30-cent increase in farm level milk prices, in other stores costumers will feel the 50 to 60 cents a gallon spike in their pockets.

Dairy analyst Jerry Dryer explained that supplies will rise after the new batch of calves are born and cows reach peak milk production two months later. Subsequently, milk prices should begin to taper off, falling 20 percent through December.

However, without relief from the current California drought, production of alfalfa, a key feed for cows, could be curbed, pushing up milk prices even higher in late 2014 and early 2015.

Last week, Dean Foods Co., the biggest U.S. milk processor, posted weaker earnings due to rising costs of raw milk and slow sales.

Dean reported a $37.7 million fourth-quarter loss due to the increase of costs for raw milk, which the company expects to rise further. It announced that costs for the commodity may continue to outpace increased production forecasts this year among U.S. and European dairy farms, as the international demand for dairy products grows.