Bacon shortage called hogwash by economists
10% higher prices likely, but bacon won’t be scarce
The Associated Press Posted: Oct 1, 2012 6:27 AM ET Last Updated: Oct 1, 2012 9:18 AM ET
Bacon lovers can relax. They’ll find all they want on supermarket shelves in the coming months, though their pocketbooks may take a hit.
The economics of the current drought are likely to nose up prices for bacon and other pork products next year, by as much as 10 per cent. But U.S. agricultural economists are dismissing reports of a global bacon shortage that lent sizzle to headlines and Twitter feeds last week. Simply put, the talk of scarcity is hogwash.
“Use of the word ‘shortage’ caused visions of [1970s-style] gasoline lines in a lot of people’s heads, and that’s not the case,” said Steve Meyer, president of Iowa-based Paragon Economics and a consultant to the National Pork Producers Council and National Pork Board.
“If the definition of shortage is that you can’t find it on the shelves, then no, the concern is not valid. If the concern is higher cost for it, then yes.”
Read more at CBC News.
Chicken Little, the sky is falling. Yes the price may go up but there will be plenty of bacon for all.