Bacon prices have skyrocketed to record levels, and market analysts say they might not go down anytime soon.
“You’re going to have to work a bit harder to bring home the bacon,” reports AgDay’s Clinton Griffiths. “The price of the much-beloved cured pork product is higher than it’s been in the last 40 years.”
The average price of bacon is nearly 30% higher now than it was a year ago. Meanwhile, pork chops are up about 7%.
“America’s pork supply chain was one of the first to get slammed by coronavirus shut-downs,” Griffiths reports. “The Biden administration is blaming the cost hikes on monopolies within the meat industry.”
Because of this, the Biden Administration plans to offer pandemic assistance to small producers, farmers and workers. Still, market analysts warn not to expect pork prices to go down any time soon.
More from Farm Journal’s PORK:
As Bacon Prices Sizzle, Consumers Crave More
Economist Predicts Pork Shortage to Hit California January 1
