June 15, 2020

Canadian meat product prices rise due to COVID-19

With meat plants closed due to COVID-19, meat product prices have surged, resulting in the first increase of Canadian producer prices in 2020, Reuters reported.

Statistics Canada said Canadian producer prices was up 1.2% between April to May 2020, thanks to an overall 12.6% increase for meat products.

Fresh and frozen pork reported a 30.4% monthly gain within the same period, its biggest increase.

Statistics Canada said the higher prices in May was due to low meat supplies, caused by temporary closures or reduced operations of meat plants in Canada and the United States related to COVID-19.

-      Reuters