Bacon prices hit a record high during the pandemic

Although there is a shortage of chicken wings due to the pandemic, the cost of bacon seems to have also been affected.

According to reports, the price of bacon has risen by 50% in the past decade. It seems that inflation is not the only reason why the price of bacon has risen from $4.77 to an average of $7.09. According to the White House, lack of competition is also the reason for the continued price increase.

“Although factors such as increased consumer demand have played a role, the lack of competition at the key bottleneck of the meat supply chain has also driven up prices: meat processing,” according to a report. White House briefing.

In addition, it is reported that only four companies control this company’s meat processing process. Since the outbreak, these companies have increased their prices. “The data shows that these companies have been raising prices during the pandemic, while at the same time creating record profits,” said Brian Deese, director of the National Economic Council, at a press conference on September 8. FOX 30 reports.

Diss also stated that the White House is “taking bold action to enforce antitrust laws, promote competition in the meat processing sector, and resist pandemic profits that are hurting consumers, farmers and ranchers across the country.”

The volatility of the food market began in March 2020, when the federal government began to shut down. According to Fox 32, “In July 2021, prices of five of the six grocery store food categories increased, and only the prices of fruits and vegetables decreased.”

According to another report, the Fed stated that the price increase is “temporary” and that once the pandemic is resolved, prices should stabilize.

Roommates, what do you think?