Argentina halts exports; meat prices to rise by 20%

As Argentina, a huge meat supplier, halts meat exports, global prices are estimated to rise up to 20%.

Argentina has halted its exports completely in the past two weeks, and containers of frozen meat have been taken off ships and planes in order to divert the meat to the local market and prompt a price reduction. The retailers estimate that the prices will eventually rise by 15-20% in supermarkets and restaurants.

Argentina itself is experiencing a shortage of high quality meat, which has led to a price hike. The government is trying to cut the exports and keep the meat in the country in order to reduce prices.

The entire world is experiencing a shortage of meat and the prices of processed meat products – including hamburgers and kebab – are also expected to rise.

Officials in the retail industry confirmed Sunday (May 9) that the supermarket chains were in negotiations with local meat suppliers. "All the suppliers want to raise the prices by at least 30%, but the chains will try to convince them to settle for the lowest increase possible," one of the officials said.