Canadian Business recently ran this infographic showing how food prices are about to go up, and which foods are going to be hit with the highest increases. The infographic is outstanding, and really does give you an idea of which foods will be the most expensive in the months to come and therefore, which foods you should think about limiting for the next little.
But why the increase in food prices? Well, a lack of corn is one of them. This past summer was an extremely hot and dry one – something that most people both in Canada and the United States noticed. That lack of rain caused corn crops to suffer, either not delivering any crops whatsoever, or ceasing corn to grow any higher than a few feet, when it can usually stand higher than the average person. This means that there’s less corn to feed cattle and pork, which means there’s less supply, which means that the only way to combat that is to raise prices. The infograph shows just how much that will be.
It’s interesting that corn on the cob falls in where the lowest price hikes are, because there’s a world of difference between what the herd eats, and what humans eat.
But the increase in bacon could be even more than the 5 – 10 per cent this graph says it will be. This week the Canadian Pork Council has said that shortage of corn has been a disaster for pork farms across the country and the rest of the world. The National Pig Association which is located in the British Isles also declared a global bacon shortage “unavoidable” this past week.
So what do you think? Are our food prices about to go through the roof? Or do you think this is just like what happened several months ago, when economists were predicting a huge increase in food prices – only to see very little come of it? And what do you think of this bacon shortage? Is that really going to happen? Would you be affected if it did? Let us know through the comment section below, or by Liking us on Facebook!
