RISING WHEAT COSTS INCREASE TURKEY PRICES
Experts have predicted that the cost of a turkey could be 25% higher this Christmas than December 2010 because of the increased price of wheat.
The rapidly expanding middle classes of India and China have increased global demand for meat, and in turn contributed to the cost of turkey feed, which has doubled in the past year.
As a result British families could be forced to pay around £50 for an average 12lb turkey, a £10 increase from last year.
Sean Rickard, agricultural economist, said:
“For every pound of poultry meat produced, you need two and a half ounces of grain.
“The effect of rising living standards in countries like China and India is that the people are eating more meat and dairy products.
“Consequently, we have seen world grain prices rise and these higher costs are feeding through to retailers and in particular to fresh meat and dairy foods.”
Up to 70% of a turkey’s daily food is grain and farmers have been forced to absorb the rising costs which have seen wheat and soya doubling in price.
The cost of fresh turkey meat has already risen by up to 20% over the past year and shows no sign of slowing down on the lead up to the festive period.
