Bacon lovers might be in for a sizzling surprise as pork supplies in cold storage tumble to an 11-year low as prices rise due to declining hog herds.
The latest United States Department of Agriculture (USDA) pork data in cold storage as of Dec. 1 was approximately 399 million pounds, a drop of 4.1% from a year ago and now at the lowest point since 2010.
“The drop came before the spreading omicron virus variant prompted slaughterhouses to slow down in recent weeks as more workers called in sick, further limiting meat production and likely keeping prices for the meat high,” Bloomberg explains.
Slumping cold storage has sent USDA bacon prices per pound (as of late December) to around $7.21, a record high and up 39% since the beginning of the virus pandemic.
More importantly, what this means is breakfast is becoming a lot more expensive for Americans as some of the highest inflation in four decades has wiped out their real wage gains.
Food prices are at the highest in a decade, from coffee to oranges to wheat, among other popular breakfast items. Americans are very concerned about inflation. High inflation has spurred discontent for the president, reflected in record low polling numbers ahead of the midterms.
This article appeared at ZeroHedge.com at: https://www.zerohedge.com/commodities/bacon-shortage-us-pork-supplies-tumble-11-year-low
