- Feb 12, 2012
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http://www.rawstory.com/rs/2012/09/19/m ... ces-up-14/
Farmers across the world have begun a mass slaughter of their pig and cattle herds because they cannot afford the cost of feed, which has soared following the worst US drought in living memory, according to a report published on Wednesday.
Experts at investment bank Rabobank warn that the mass “herd liquidation” will contribute to a 14% jump in the price of the average basket of food by next summer.
Rabobank said the slaughter of millions of pigs has already led to a 31% increase in the price of pork and the costs of other meats are also expected to soar as “US livestock herds are likely to be liquidated at an accelerating pace in the first half of 2013″.
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Higgins said he did not expect a repeat of the 2007-8 food riots in developing countries across the world because most meat is consumed in the west.
“People are less likely to be irate over meat prices when they can switch back to staples – an option not available in 07/08 due to severe shortages of wheat and rice,” he said. “The risk [of riots and social unrest] is still there but it is not as high as 07-08. The prices will hurt here [in the west] more.”
But he said western consumers are unlikely to significantly change their diets or become vegetarian in response to price rises.