Mass slaughter of farm animals set to push food prices up 14%

http://www.guardian.co.uk/business/2012/sep/19/mass-slaughter-farm-animals-food-prices


The cost of feed has soared following the worst US drought in living memory. Photograph: Saul Loeb/AFP/Getty Images

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.