Because demand is up and supply is down, wholesale prices for pork bellies, the cut of meat from which bacon slices are made, are surging: They’re up 174 percent over the five-year low they hit in April, reaching a one-year high of almost $1.70 per pound last week, Bloomberg reports, citing information from the U.S. Department of Agriculture.
And we have only ourselves to blame. “It’s really demand that’s driving this,” Kansas City, Mo.-based risk management consultant Ryan Turner, of FCStone Group, told Bloomberg. “People are putting bacon on anything.”
The good news is that consumer bacon prices, though rising, are still lower than they were in 2014, when a virus caused the untimely demise of more than 8 million piglets, spiking retail prices before supply could catch up with demand, Time notes. (The pork market is highly cyclical, according to Bloomberg.)
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