Spiking food prices could mean that even some of the employed soon won't be able to bring home the bacon.
The price of pork bellies, that part of the pig turned into bacon, has jumped to $130 per 100 pounds, with signs it could reach $150, according to CNBC.com. Last June, a single pound of pork bellies cost only 94 cents, or $94 per 100 pounds. Countrywide, high corn prices have forced farmers to pare down their herds, limiting supply and potentially putting bacon out of reach of some American families.
The price jump has led to bacon costing up to $4.77 per pound in May, and estimates have it reaching as high as $6. Compare that to last April, when bacon costed an average of just $3.64 per pound.
Bacon is only the latest casualty of the food prices that have risen around the globe. Specifically, cereals such as corn, which itself is expected to rise by 20 percent over the next decade according to a recent report. The spike in prices means that farmers are forced to recoup higher feed costs by raising the prices of their meat. In fact the same report estimates that meat will go up by 30 percent over the next ten years.
The Agriculture Department has estimated that this year meat prices will rise 6 to 7 percent. And for those who simply can't live without their bacon fix, sacrifices may have to be made elsewhere.
“I think they’ll make cutbacks other places — stop buying other things so they can afford bacon,” Jason Mosley, author of the Mr. Bacon Pants blog told CNBC.com. A true bacon fanatic, he said he's willing to give up vegetables and fruit like bananas to afford the tastiest of meats.
"Get some good tomatoes and lettuce and forget the other stuff,” he says.