The weak pound and increased demand from other world markets is pushing up the price of UK meat.
According to a report by Beacon Purchasing, the cost of beef is at an all-time high, with prices up 11% on last year. The price of pork is also on the rise with costs up almost a third on 2016, and with current prices sitting 20% higher than those in 2015.
Paul Connelly, Beacon MD, commented: “The cost of British, Irish and Imported has risen and continues to rise dramatically, with current prices at an all-time high. Prime Beef and trim is in huge demand from both the UK retail and foodservice sectors but also more critically from abroad. The latest Foodservice Inflation figures show that costs are up by 9%, the highest they have been in nine years and it is only a matter of time before suppliers and foodservice outlets will not be able to swallow up these increases and they’ll begin to be passed onto the consumer.”
While beef prices are expected to soften, the same cannot be said for pork. Paul explains: “The increased prices and strong export market are making cattle an attractive farming proposition again, and through an 18-month turnaround period, we could see the availability of UK beef increase and therefore prices steady. The same cannot be said for pork production, which looks likely to struggle to remain competitive against international exporters and adverse exchange rates – so your sausages may be set to stay pricey.”