UAE: Here's why meat prices are surging

UAE: Here's why meat prices are surging

As inflation rises in many countries, some shoppers noticed that their usual budget can't purchase much anymore, particularly when it comes to groceries. Government data shows that food prices in the United States increased by 11% from April 2022, while overall inflation was only 8.3%. Latest reports show that animal products had seen some of the fastest price increases among food items. Beef and veal prices increased by 14.3 percent for the year ending in April 2022; milk prices increased by 14.7 percent; chicken costs rose by 16.4 percent, and egg prices skyrocketed to 22.6 percent. Meanwhile, the inflation rate for staple plant-based foods was below 10%. The rapid increase in the price of meat and other animal products may be due to several factors, including "price gouging," in which suppliers charge higher prices due to factors such as limited competition. Besides rising meat prices, grain prices have also been rising, with fertilizer costs jumping 80 percent last year and continuing to rise in 2022. Prof. Matin Qaim, director of the Centre for Development Research at the University of Bonn in Germany, says, "It's grain, in particular, that's fed to a lot of animals." "That means if the components of the input are getting much more pricey, the meat is also going to be much more expensive." According to Dr. Henning Otte Hansen, a senior adviser in the Department of Food and Resource Economics at the University of Copenhagen in Denmark and author of the book Food Economics, meat prices have risen by as much as 30–40% in some countries. He said that people in developing countries are often the hardest hit by high food price inflation. Although there are alternatives, some issues hamper other food sources, such as the bird flu outbreaks resulting in disrupted egg and poultry production. BKM/ Expat Media

---

For all the latest news from the UAE and the world, follow us on Facebook, Twitter and Instagram and subscribe to our YouTube 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