Winning streak: Pork price soars 30 per cent

 
Helen Cahill
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FRANCE-AGRICULTURE
Brexit is attracting Chinese buyers (Source: Getty)

It seems farmers are bringing home the bacon after Brexit as pig prices are on a winning streak this year.

The price for a kilogram of pork soared 31.3 per cent year-on-year in February, a trend that kicked-off in September last year. Up until August 2016, pig prices had been falling.

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It is thought that the price rises are due to Chinese buyers jumping on the weak pound to pull pork from the British market. China had to make some rash decisions last year when it was hit with a pork shortage, and upped its imports.

However, there are signs of a production slowdown in the UK. Statistics published by the department for environment, food and rural affairs show pigmeat production in February was 67,000 tonnes, down 9.1 per cent than in the same month the year before.

The price rises come at a tense time for the supermarket industry. Grocers have to keep prices down to hold onto customers as the German discounters hog market share, and they face tough price negotiations with big suppliers such as Unilever, who are demanding higher prices due to Britain's weak currency.

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