Heatwave leads to 8% rise in piglet prices
With dry spells lasting more than 50 days in parts of the country this summer, the heat has reduced the fertility of pigs and red meat prices are set to rise in the long run.
The heatwave sees a 8% rise in piglet prices.
Reports from the Centre for Economics and Business Research (cebr), explain that different conditions of weather is something that farmers are well accustomed to, however the extreme weather seen this year has put particular stress on farming costs and yields.
The price of red meat is set to fall marginally in the short run as farmers look to sell livestock earlier than normal to reduce the burden on grazing land.
However in the longer run, prices are set to rise as feed availability is affected by a weak harvest.
Domestic food production has also felt the effects, with wholesale prices for vegetables rising markedly.
Dairy production had also suffered until recently, registering 11 consecutive weekly falls as the hot weather hampered grass growth.
Cebr explains: “Some farmers have had to turn to already depleted backup supplies to boost production, which will keep upward pressure on feed costs in the coming winter.”
With meat and crop prices set to climb in coming months, Cebr reports it is likely that wholefood prices will rise at least 5%.
Using Department for Environment, Food & Rural Affairs (Defraresearch, Cebr estimates that the extreme weather will ultimately drive up the costs to UK consumers by £45 million per week.
This is equivalent to a rise of £7.15 per month per household.
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