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After decades of low inflation and relatively cheap food prices, those days appear over as food inflation soars worldwide. The latest observation that food prices are out of control is in Australia.
Australian cattle futures are at record-highs as farm operators hold back livestock from slaughterhouses to rebuild herds after years of drought forced many cattle operators to cull herds. Supply disruptions have resulted in the benchmark Eastern Young Cattle Index soaring to A$10.082 ($7.26) a kilogram. From the 2020 low, prices have more than doubled in a year.
A$10.082 ($7.26) per kilogram is the highest price paid back to 1997 when the contracts began trading. Bloomberg notes the high prices “has raised the risks that the nation’s steaks will slip off global menus — while worldwide demand for beef is robust in many markets.”
The surge in prices could mean the nation’s beef producers, number two in the world behind Brazil, might lose that spot as exports slump. This means Australian global importers will go elsewhere for cheaper meat. In the first six months, beef exports slumped 24% versus the same period last year.
Soaring beef prices means exports drop as global importers look elsewhere for affordable meat. Reminder, exports are inverted on the chart below.
The fact that food prices continue to rise undercuts the transitory inflation narrative that the Federal Reserve and mainstream media have been brainwashing everyone with for nearly a year.
In the States, major meat producer Tyson Foods Inc. warned in their latest conference call to investors that higher costs are hitting the firm faster than the company can lift prices, and retail prices are set to rise on Sept. 5.
The inflation shock is underway as food inflation is at record highs, and supermarket prices are expected to rise 10-14% later this fall.
Food inflation has become such a problem for the working poor and unemployed that the Biden administration has raised food stamp allocations.
Get used to elevated food prices. It appears they will be sticking around through at least 2022.
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