Ice Cream Prices Rise As Summer Approaches ROLLING MEADOWS, Ill. - Gasoline isn't the only thing that's costing more as summer approaches. The National Ice Cream Retailers Association says ice cream prices are going up, too. Executive director Linda Udderback blames the rise on what she calls a "perfect storm.'' Prices for ice cream's essential ingredients - butter, milk, vanilla and chocolate - are on the rise. Udderback predicts the average cost for the frozen treat will go up between 20 and 30 percent. Industry experts say ice cream is a $20 billion-a-year market, with more than half the sales coming from out-of-home sales at ice cream shops.