While there is a chicken wing shortage due to the pandemic, it looks like the cost of bacon has also been impacted.
According to reports, the price of bacon has increased by 50% over the last ten years. It seems that inflation isn’t the only reason why the price of bacon has risen from $4.77 to an average of $7.09. According to the White House, the lack of competition is also why the price continues to increase.
“While factors like increased consumer demand have played a role, the price increases are also driven by a lack of competition at a key bottleneck point in the meat supply chain: meat-processing,” according to a White House briefing.
Also, according to reports, only four companies control the process of meat in this company. Since the pandemic, these companies have raised their prices. “And the data show that these companies have been raising prices while generating record profits during the pandemic,” Brian Deese, Council Director of National Economic stated at a press briefing on Sept. 8, FOX 30 reports.
Deese also stated that the White House is “taking bold action to enforce the antitrust laws, boost competition in meat-processing, and push back on pandemic profiteering that is hurting consumers, farmers and ranchers across the country.”
Fluctuations in the food market started in March of 2020 when the federal shutdowns started. According to FOX 32, “Prices were up in five of the six major grocery store food groups in July of 2021, falling only for fruits and vegetables.”
It’s also reported that The Federal Reserve stated the prices increasing are “transitory,” and once the pandemic is resolved, the prices should level off.
Roomies, what do you think of this?