Massive worldwide slaughter of farm animals set to push food prices up 14 percent
The mass slaughter of millions of farm animals across the world is expected to push food prices to their highest ever levels.
As well as hitting consumers’ pockets, the predicted 14% jump in food prices will also dash the Bank of England’s hopes of pushing inflation down to 2% by next year.
Farmers across the world have begun a mass slaughter of their pig and cattle herds because they cannot afford the cost of feed, which has soared following the worst US drought in living memory, according to a report published on Wednesday.
Experts at investment bank Rabobank warn that the mass “herd liquidation” will contribute to a 14% jump in the price of the average basket of food by next summer.
Rabobank said the slaughter of millions of pigs has already led to a 31% increase in the price of pork and the costs of other meats are also expected to soar as “US livestock herds are likely to be liquidated at an accelerating pace in the first half of 2013″.
Nicholas Higgins, a Rabobank commodities analyst and author of the report, said: “There will be an initial glut in meat availability as people slaughter their animals to reduce their feed bills. But by next year herds will be so reduced that there won’t be enough animals to meet expected demand and prices will soar.”
if they cant feed them they kill them and sell the meat..so an initial glut of meat will be followed by a lack of it..not sure how they come up with 14%..i dont think it can be defined yet..