Meat prices are set to increase because of financial pressures on British farmers, an expert said. Livestock producers are facing a hike of nearly 100% in their animal feed costs, according to business advisory firm Deloitte.
And the recent foot-and-mouth scare was another financial blow to the industry. If foreign markets do not fully resume imports of British produce it will mean further revenue losses, Deloitte warned. Richard Crane, food and agriculture partner at Deloitte, said meat price rises would be needed to support the British industry. "Consumers hold the key to a more resilient future. UK shoppers will have to pay more for their meat.
"Increased prices will allow farmers to continue to meet the increasing demand for local, high-quality meat," he said.
His comments follow last week's warning from the National Association of British and Irish Millers (Nabim) that rocketing wheat costs would push up the price of bread. Wheat prices have hit an all-time high in the past few weeks due to poor harvests and increasing global demand, Nabim said.