World food and meat prices are skyrocketing, but bacon is causing the biggest sticker-shock for consumers.
The average American is paying more than $7 dollars per pound of bacon. That is nearly a 40 percent increase from last year. The Consumer Price Index shows that current bacon prices are the highest--ever. That is mainly because of strong consumer and export demand, and it is also costing more to produce bacon right now.
However, producers are not seeing the price spike. Today’s lean hog prices are the lowest since late February and early March. They did see a boost last week though, thanks to strong purchases from China and Mexico.
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