Porkflation: Bacon and sausages about to get even pricier

Pork sausage and bacon prices are expected to spike further, stated a recent report, citing a 27 per cent rise in the price of UK pigs due to the jump in the price of feed like wheat and soya to “all-time highs”.

The figure from Cranswick which was revealed in the meat producers trading update, saw pig prices had increased by more than a quarter between April and June of this year in comparison to the same period in 2021, This Is Money reported. 

Cranswick owns five farms across the UK, where it rears and slaughters pigs and chickens. Pork is its biggest sales item, with the company processing more than 3 million pigs a year and creating premium sausages, bacon and other pork product.

However, the war in Ukraine has contributed to push the price of cereals used for feed higher, making it more expensive for companies like Cranswick to produce meat.

The company said cost inflation remained “substantial and widespread”, but it was “proactively” managing it by “tight cost control” and growing sales. 

The cost of pork has gone up by 80 per cent over the last two years, according to a recent index charting the cost of breakfast staples.

According to the Agriculture and Horticulture Development Board (AHDB), as of the week ending July 23, pig prices (the EU-Spec SPP) rose by 1.19p to 194.28p per kg.

One of the main causes is due to price rises in soya, wheat and corn, all of which are crops frequently used within a pig’s diet. In March, global wheat prices jumped by 20 percent due to Russia’s invasion of Ukraine, as both countries accounted for around 30 percent and 20 percent of global wheat and maize exports in the last three years.

Earlier, Tesco announced a funding to pig farmers to help them tackle rising costs while an extra £10 million investment into the industry later. Additionally, Sainsbury’s unveiled a £2.8 million care package, Waitrose invested £16 million and the Co-op pledged £19 million worth of support.