Stock up on it and stick it in the freezer along with ham, pork roasts and beef. According to Sky News,
Nick Higgins, commodity analyst at Rabobank, told Sky News. “As a result they will reduce their stock – both by slaughtering more animals and by not replacing them.” Somewhat ironically. food prices are now being kept at depressed prices as the “slaughtered” stock clears the market. However once that is gone look for various food-related prices to soar: a process which will likely take place in early 2013, just in time to add to the shock from the Fiscal Cliff, which even assuming a compromise, will detract from the spending capacity of US (and by implication global) consumers.
The “mass liquidation” of animals – which Rabobank said will pick up pace in the beginning of 2013 – will contribute to food prices hitting new highs.
The cost of pork is expected to rise at the fastest pace – by 31% by the end of June next year – while beef costs could increase by up to 8%.
“This record cost of meat and dairy will combine with already-high crop prices to increase food prices by 15% by the middle of next year,” Mr Higgins added.
This would see food prices reach their highest level on record, up by 175% compared to the year 2000.
In Memphis, you’ll want to put away some barbeque. It freezes well. We don’t like to be without it. Up 175%! I wonder if they’ve factored in the cost of energy, which Obama promised “would necessarily skyrocket” in his plans? If not, we’re looking at an even greater increase in food prices.
If you’re on food stamps, I guess that’s OK as the government will take care of you. But that probably means more people will be using the old EBT card and paying for it has got to come from somewhere. The government doesn’t do business, they just collect profits from it.
You might want to throw some ice cream in that freezer, too, before that becomes a thing of the past.