Relief for Bacon Lovers as Prices Go Down
Bacon lovers have gone through some pretty rough patches with last year's panic-inducing bacon shortage. But, they won't need to worry anymore—there's now plenty of pork to pass around, which means the price of bacon is falling.
The retail price of bacon reached an all time high this summer due to a deadly porcine epidemic diarrhea virus that wiped out millions of pigs, affecting the nation's pork supply and boosting pork prices. Within the span of a year, the retail price for sliced bacon rose 18.8 percent, according Burger Business.
Now, U.S. pork producers have recovered and rebounded from their losses, with experts predicting record pork production. Retail prices have gone down 5.7 percent since the record high in June, and Bloomberg Business reports that consumers can expect to continue paying lower prices for pork. In the next year, experts forecast production to reach nearly 23.6 billion pounds of pork.
Pork is unlike other commodities in that very little of it is frozen and stored for later use, reports the Huffington Post. Since it needs to be consumed within a month of production, cutting prices will help it move quicker.
While prices may rise and fall, one thing's for sure; people really love their bacon. Time reports that the demand for bacon remained strong despite the shortage and rising pork prices.
Image Credit: Tribune News Service