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11 Jun, 2022 12:49

Austrian pork prices skyrocketing

Every fourth hog farmer in Upper Austria is facing bankruptcy, according to the head of that country’s pig exchange
Austrian pork prices skyrocketing

Austrian prices for pork soared 40% in less than two months, with the volumes of sold meat dropping 20% in May alone, as consumers opt to purchase cheaper goods such as rice, pasta and potatoes, Austrian newspaper WochenBlick reports.

“I’ve been in the business for over 30 years, I’ve never experienced so many critical conditions,” Schweineboerse boss Johann Schlederer said in an interview with the media. “What hurts the farmers the most is the daily bashing.”

Fewer and fewer consumers are turning to high-quality pork due to the surging cost of living, driving some 500 of 2,000 farms in the region to the brink of bankruptcy.

The price spike is attributed to inefficient steps taken by authorities to absorb the impact of the Covid-19 pandemic. The conflict between Russia and Ukraine, along with sanctions pressure, has only exacerbated the current crisis, sending prices for raw materials, fertilizers and fuel soaring to record highs.

Last week, EU leaders approved a sixth package of anti-Russia penalties, which includes an oil embargo. Member states have six months to stop imports of Russian crude either by sea or pipeline, and eight months to end purchases of refined petroleum products.

Russia has faced unprecedented sanctions after it launched a military operation in neighboring Ukraine on February 24. The penalties, along with Moscow’s countermeasures, are reportedly jeopardizing the supply of grain, fertilizers, and energy to global markets.

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