The mass slaughter of millions of farm animals across the world is expected to push food prices to their highest ever levels.
As well as hitting consumers’ pockets, the predicted 14% jump in food prices will also dash the Bank of England’s hopes of pushing inflation down to 2% by next year.
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.
That brings it closer to the Bank’s 2% target and should help consumers who have seen their spending power shrink as wages fail to match inflation. The Bank expects inflation to ease below the 2% target by early next year, but that could be scuppered by rising food, oil and commodity prices.
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”.
Nicholas Higgins, a Rabobank commodities analyst and author of the report, said: “There will be an initial glut in meat availability as people slaughter their animals to reduce their feed bills. But by next year herds will be so reduced that there won’t be enough animals to meet expected demand and prices will soar.”
There are two kinds of people in this world, people who read this news and go, “Well, so we’ll all have to pay a little more, so what’s the big deal?” and people who read it and wonder what they’ll have to give up in order to eat or who can’t afford the food they need now.
A Mitt Romney supporter literally silenced a chanting protester during a rally in Ohio today for the Republican presidential candidate by shoving a handkerchief into the heckler’s mouth.
Romney was at a strip mall in Parma, Ohio with Louisianna Governor Bobby Jindal (R) and former Minnesota Governor Tim Pawlenty for a normal stump event in the crucial swing state. Yet the routine event was overshadowed when a small scuffle erupted as Pawlenty—who is often mentioned as a possible Romney running mate—took the stage to deliver his remarks. A group of people drowned out the former governor with chants of, “Pawlenty go home,” prompting retaliatory shouting and shoving from the Romney supporters in attendance.
At one point, Romney supporter Richard Brysac tried to quiet protester Al Neal by pouring a bottle of water in his mouth. When that didn’t work, he instead balled up a handkerchief and stuffed it in Neal’s mouth, according to the Cleveland Plain Dealer.
From the paper:
“He seemed thirsty, so I tried to shove the bottle in his mouth,” Brysac said. “I thought it was wrong to interfere with [Pawlenty’s] freedom of speech.
“I acted out of character and I apologize if I offended anyone.”
Here’s a question: if Barack Obama had to go through a brutal process of defending the doctrines, sermons and ideology of a church he merely attended, why is Mitt Romney exempted from explaining the doctrines and statements and ideology of a church he was an actual leading official in?