September 26, 2008

 

Meat prices soaring in Australia
   
 

Meat and Livestock Australia (MLA) warns that consumers will soon be paying more for beef and other meats.

 

Beef retail prices have increased 3 percent on-year, chicken prices rose 11 percent and pork up 7 percent due to higher grain prices, seasonal conditions and strong export demand, MLA said, adding that beef prices are expected to move up to 4-5 percent.

 

MLA analyst Peter Weeks said supermarket prices are likely to keep rising on continued strong demand for beef cattle, and consumers' buying habits would be changed as a result.

 

With household budgets being pressurised, consumers will go for more mince and lower-priced cuts instead of fillets and higher-priced cuts, Weeks said.

 

"And we're starting to see that, we've been seeing that over the last six months. It's already a trend and it could get a bit worse yet."

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