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Suppliers have begun raising prices—up to 38 percent.
Though the future of food prices in post-Brexit Britain has been highly debated, one particular product's prices are undeniably rising: bacon. Thanks to a combination of a weaker pound and loss of livestock in China, the country has driven up Britain's pork prices with overwhelming demand.
Recently, massive flooding in China's farmlands resulted in a devastating loss of land and livestock. The country then turned to Britain to export in the huge amounts of pork needed to compensate for their losses. According to The Guardian, the People's Republic's demand for exported pork from Britain has risen by 60 percent in the first six months of this year—equivalent to 1.2 million tons of meat. There's been a 31 percent rise in pork product exports from the U.K. over that time period.
In response, suppliers have begun raising prices—up to 38 percent. Meanwhile, due to the sinking British pound, China is getting a great deal on the pork exports.
This sharp rise in pork prices has everyone in Britain concerned—from consumers to distributors. "The combination of such huge demand for British pork from China and the devaluing of sterling following Brexit is impacting our breakfast tables," says Emma Warrington, a food buyer at Beacon supermarkets. According to Warrington, figures from suppliers overall "show the price of British bacon rising, in some cases substantially." One British butchery, Birtwistles, reported their spike in demand to be equivalent to 30,000 tons in the first half of 2016.