Beef and pork prices on the rise
The BBQ season could prove pricier for consumers this year, as figures by Beacon Purchasing have revealed that the cost of beef has marked an all-time high and pork prices are also on the rise and set to stay.
Beef prices have increased by 11% on last year, up almost 40 pence per kg on July 2016, as prime beef and trim is in “huge demand from both the UK retail and foodservice sectors, but also more critically from abroad”, said Beacon’s managing director, Paul Connelly.
He added: “The latest Foodservice Inflation figures show that costs are up by 9%, the highest they have been in nine years and it is only a matter of time before suppliers and foodservice outlets will not be able to swallow up these increases and they’ll begin to be passed onto the consumer.”
In the meantime, pork prices are up almost a third on 2016, with sausages expected to stay on the same cost, as an increased number of farmers leave the market, according to Beacon.
Connelly commented that pork production “looks likely to struggle to remain competitive against international exporters and adverse exchange rates” and added: “In the long term, we predict that beef prices will begin to soften.
“The increased prices and strong export market are making cattle an attractive farming proposition again, and through an 18-month turnaround period, we could see the availability of UK beef increase and therefore prices steady.”