By John Rees
Does anyone remember last year’s projected bacon shortage? In September, media outlets such as CBS, the Huffington Post, and CNN cited claims by the British National Pig Association that a global shortage of bacon and pork was “unavoidable.” Due to rising prices of feed crops such as corn and soybeans due to drought, the organization claimed consumer prices would undoubtedly rise.
It’s six months later and the bacon shortage has yet to materialize. Since the British National Pig Association made its proclamations, the price of Bacon & Related Products has risen just 1% (yes, the government keeps track of these things). During this same period, the producer price of Wood Product Manufactured goods has increased by more than 6%. The increased price of lumber might be the result of a growing number of Americans constructing storage facilities to hoard their pork. It’s also possible that a resurgent housing market has fueled a growing demand for building materials (the economy is very complex, so its really hard to know with any certainty).
So rest assured Americans. Bacon should remain affordable for the foreseeable future. That new house you have your eyes on, less so.