Soaring Food Inflation Full Frontal: Beef, Pork And Shrimp Prices Soar To Record Highs

Tyler Durden's picture




 

We previously noted that both beef and pork (courtesy of the affectionately named Porcine Epidemic Diarrhea virus) prices have been reaching new all time highs on an almost daily basis. It is time to update the chart. Below we show what a world in which the Fed is constantly lamenting the lack of inflation looks like for beef prices...

 

... pork

 

... and shrimp.

More from Bloomberg:

Prices for shrimp have jumped to a 14-year high in recent months, spurred by a disease that’s ravaging the crustacean’s population. At Noodles & Co., a chain with locations across the country, it costs 29 percent more to add the shellfish to pastas this year, and shrimp-heavy dishes at places like the Cheesecake Factory Inc. are going up as well.

 

Restaurant chains, already struggling with shaky U.S. consumer confidence, are taking a profit hit as prices climb. Even worse, the surge is happening during the season of Lent, when eateries rely on seafood to lure Christian diners who abstain from chicken, beef and pork on certain days.

 

“It’s coming at a tough time for the industry,” said Andrew Barish, a San Francisco-based analyst at Jefferies LLC. “With the Lenten season, what you’ll see out there is a lot of promotions with seafood, and usually shrimp is a big part of that.”

 

In March, shrimp prices jumped 61 percent from a year earlier, according to the U.S. Bureau of Labor Statistics. The climb is mainly due to a bacterial disease known as early mortality syndrome. While the ailment has no effect on humans, it’s wreaking havoc on young shrimp farmed in Southeast Asia, shrinking supplies.

 

***

 

James Johnson, a Jewel-Osco supermarket shopper in Chicago, has noticed the price increase. He’s been cutting back on one of his favorite dishes -- shrimp and potato soup -- because of the cost.

 

“I haven’t made it in a while,” the 29-year-old said. “Shrimp looks expensive.”

 

***

At Noodles, it now costs $3.34 to add the shellfish to a meal of pasta or pad thai, compared with $2.59 last year.

 

“We still want to at least offer it as choice,” Chief Executive Officer Kevin Reddy said in a phone interview. “As soon as the costs begin to normalize, we’ll return to the regular price.”

Ah yes, because retailers are always so willing to lower costs...

So for all those whose sustenance includes iPads and LCD TVs, or heaven forbid the pink slime known as fast food - you are in luck: the BLS' hedonic adjustments mean the rate of price increase in your daily consumption has rarely been lower. For everyone else: our condolences.

 

* * *

Update: Eggs too.


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Tue, 04/15/2014 - 17:32 | 4662850 drink or die
drink or die's picture

Really becoming noticable in supermarkets around here.  Garbage food is the same price, while anything even remotely healthy or "real" has been going steadily up.

Tue, 04/15/2014 - 17:42 | 4662874 Say What Again
Say What Again's picture

The BLS' hedonic adjustments are yet another way for the government to rip off the sheep.  By using these adjustments, they (both the gov as well as the US corporations) can reduce the amount they pay to people in retirement.

Inflation should be measured via a basket of BASIC Necessities (Milk, Gas, Toothpaste, toilet paper, ... and TAX)

Just another disguised TAX.

BTW - Did anyone else notice how close the Nasdaq Comp $COMPX came to its 200 Day Avg?  Do you think someone at the Fed's office gave someone in Japan a call and said; "release the news NOW."

Tue, 04/15/2014 - 17:42 | 4662897 I am more equal...
I am more equal than others's picture

 

 

 

Let them eat cake......

 

Tue, 04/15/2014 - 17:45 | 4662906 Say What Again
Say What Again's picture

I forgot to include LEAD in my list of BASIC Necessities

Tue, 04/15/2014 - 17:47 | 4662921 wallstreetapost...
wallstreetaposteriori's picture

Food?.... Who needs food?.... when you can eat fonestar...... meats tough.... but all those bitcoins are filling!

Tue, 04/15/2014 - 17:48 | 4662928 Say What Again
Say What Again's picture

Now that's food for thought

Tue, 04/15/2014 - 17:53 | 4662954 schoolsout
schoolsout's picture

Gota freezer or two full of shrimp...glad SC let's people bait for them. trolling for pelagics is firing up now, too....Mmmmmmm

Tue, 04/15/2014 - 18:18 | 4663064 Son of Loki
Son of Loki's picture

Probably Global Warming, right ?

 

Tue, 04/15/2014 - 18:30 | 4663102 James_Cole
James_Cole's picture

Probably Global Warming, right ?

Nah, all merely coincidental. I looked out my window, still snow on the mountains = no agw. 

http://www.news.uwa.edu.au/201308286012/research/sea-floor-microbes-may-...

Tue, 04/15/2014 - 18:59 | 4663189 TruthInSunshine
TruthInSunshine's picture

I was just speaking with a fellow ZHer who let me know that he just happened to see ABC World News Tonight against his will (it was on in a diner he had to grab a quick meal at) and Dianne "Socket Puppet" Sawyer (the anchor woman) made it a HUGE deal to point out that although beef, pork, seafood, fruit & vegetable prices were soaring, many edible food-like substances were either flat or declining a little bit in price.

I naturally assume the same point was expressed on the other MSM outlets (network news, cable news, newspapers, magazines, radio, etc.) since they're all owned by just 6 KronyKapitalistKorporations.

Eat your melamine!

Tue, 04/15/2014 - 19:40 | 4663322 aVileRat
aVileRat's picture

Yup,

as said yesterday I have no idea how MSM is going to spin a 40% increase in basic food products is somehow good for the average middle class globalist tax asset (aka: citizen in fed-speak). But I really look forward to watching those Harvard guys bend words like subprime swaps in 2006 to con people it's a good thing.

 

Tue, 04/15/2014 - 19:57 | 4663381 mophead
mophead's picture

How are they going to spin it? That's obvious, they'll blame it on the weather and all these "new diseases" that are affecting pigs and ummm... now shrimp too!

Tue, 04/15/2014 - 21:14 | 4663564 TeamDepends
TeamDepends's picture

How are they going to spin it?  Michelle Obama's new "Diet America" consists solely of wish sandwiches....

Tue, 04/15/2014 - 21:39 | 4663705 Shocker
Shocker's picture

The middle and lower class will suffer the most from this. Tough times

Layoffs / Closing List:

http://www.dailyjobcuts.com

-

Tue, 04/15/2014 - 21:45 | 4663730 TeamDepends
TeamDepends's picture

No room for "middle class" in the commie zone.  You want sweet or sour poke (pork)?

Tue, 04/15/2014 - 23:27 | 4663976 European American
European American's picture

Just rototilled the garden today. Hopefully it won't be snowing here (Pacific NW). My Vegetable Garden feels more valuable than my few OZEEs of AU.

Tue, 04/15/2014 - 23:41 | 4664006 Soul Glow
Soul Glow's picture

Snow season is over.  You'll be fine.

Tue, 04/15/2014 - 23:31 | 4663980 nope-1004
nope-1004's picture

My favorite:

 

Current concerns over increases in food prices and fears of inflation are largely overstated.  Current increases in food prices in developing nations can largely be attributed to the citizens of those nations seeking more sophisticated diets.

- Bernocchio, June 2011

Tue, 04/15/2014 - 23:38 | 4663999 Soul Glow
Soul Glow's picture

If people don't like higher food prices they should just stop eating.

- Janet Yellen, June 2014

Wed, 04/16/2014 - 05:14 | 4664297 Offthebeach
Offthebeach's picture

Eat Ipads.

Not like printing press, stolen value dollars are coming home to roost? Nah.

So first Bernanke/Yellen steals your savings to zero, then devalues via inflation and lies about it, and there are no jobs.

Going to have to get a forth EBT!

Forward!

Wed, 05/07/2014 - 04:52 | 4735171 The Blank Stare
The Blank Stare's picture

I eat more chicken any man ever seen

Tue, 04/15/2014 - 20:02 | 4663394 macholatte
macholatte's picture

 

 

many edible food-like substances were either flat or declining a little bit in price.

 

see Soylent Green, made fresh daily and shipped direct to your grocer from exotic places like Africa, the middle east, Southeast Asia and China.

Tue, 04/15/2014 - 20:10 | 4663427 TruthInSunshine
TruthInSunshine's picture

Here's where approximately 93% of the seafood purchased by Americans comes from, and how it is raised/fed, whether at the store or in wonderful in-restaurant dining experiences, btw.

Bon Appétit, bitches:

Where "Endless Shrimp" & Most of the Seafood in Most Restaurants & Grocery Stores Comes From & How It's Raised & Processed: Bon Appetit, Bitchez

Workers at Ngoc Sinh Seafoods Trading & Processing Export Enterprise in Vietnam were recently seen hauling plastic baskets of shrimp through the company's filthy, trash-ridden, and bug-infested facility. Containers full of the shrimp were loaded up with ice made from questionable, and often contaminated, tap water that the government recommends boiling before use, which has become the norm rather than the exception when it comes to seafood processing.

 

Many seafood farms feed fish animal waste

Similar unsanitary conditions are common throughout China as well, which is a major exporter of tilapia and scallops. According to Bloomberg, many seafood farmers in China actually feed their fish feces from pigs, geese, and other cattle, even though the practice is extremely unsafe. Not only does this exposure to animal waste tend to make the fish sick, but it also contaminates their water environments with excrement, which is often polluted with harmful bacteria like salmonella.

 

"Those conditions -- ice made from dirty water, animals near the farms, pigs -- are unacceptable," said Mansour Samadpour, a microbiologist, to Bloomberg Markets magazine about the dirty secrets of the seafood trade. Samadpour's company, IEH Laboratories & Consulting Group, specializes in testing the cleanliness of water for the shellfish farming industry.

 

Unscrupulous seafood farmers, particularly in Asian countries, are cutting corners to boost profits, which puts consumers at high risk. In China, many operators have altogether stopped purchasing safer commercial feed, and have instead turned to exclusively feeding their fish potentially deadly animal waste.

 

"The manure the Chinese use to feed fish is frequently contaminated with microbes and salmonella," says Michael Doyle, Director of the University of Georgia's Center for Food Safety, about the larger problem of China's seafood farming industry.

Tue, 04/15/2014 - 22:07 | 4663773 CheapBastard
CheapBastard's picture

Nice post, TIS. I saw that nasty info awhile back and stopped eating shrimp then. Now, with Fuki radiating the Pacific I stopped eating stuff outta there. The only fish [relatively] safe is from off the coast of Norway [King Oscar Brands] or off New Brunswick from what I can gather.

 

I ingest most of my omega-3 things via plants.

 

If others have suggestions pls post.

Tue, 04/15/2014 - 23:16 | 4663956 Tengri Temujin
Tengri Temujin's picture

Hate to break it to you but Brits and French have dumped thousands of tons of nuclear waste in the Atlantic and even the English Channel.  The Atlantic is a radioactive shit hole.  Just google around about it.  There was a great documentary on it on youtube, look for it.

Wed, 04/16/2014 - 00:06 | 4664043 willwork4food
willwork4food's picture

Beer. At least good beer is safe. right?

Wed, 04/16/2014 - 05:24 | 4664302 A Nanny Moose
A Nanny Moose's picture

Define "safe"

Wed, 04/16/2014 - 06:08 | 4664326 UselessEater
Wed, 05/07/2014 - 06:34 | 4735235 The Blank Stare
The Blank Stare's picture

I ate my first can of tuna in 3 years last week. It's a roll of the dice.

Tue, 04/15/2014 - 22:51 | 4663890 WhackoWarner
WhackoWarner's picture

I live in a pristine part of the world.

I have seen "foreign" vessels offshore. Violating boundaries.  But what chokes is that crab legs were washing up on our beaches. Just the legs.  So these "foreign" vessels, clearly violating boundaries and "open season dates" were also taking every crab available,  Ripping off the legs.

Kinda like shark fins.

Nobody can blame a hungry person.  But this is not that.  This is rape of a resource, against all treaty and against all conservation,  Coming to an endless "buffet" near you. 

Means nothing that local fisheries restrict the season and size of seafood taken. 

Coming to a seafood buffet near you.  Via Viet Nam or other Asian boats.  (absolutely no racism intended).

But it is a fact.  Take the baby crabs. Net every species.  Rip off the legs.  Few dollars landed and the profits go to big business that does not give a frig.

Wed, 04/16/2014 - 00:19 | 4664057 Oh regional Indian
Oh regional Indian's picture

Big business truly DOES NOT give a frig...this was shocking...

http://aadivaahan.wordpress.com/2014/04/15/the-pharmacopic-scam-lies-exp...

Tue, 04/15/2014 - 22:55 | 4663900 WhackoWarner
WhackoWarner's picture

And while you are on the subject.

Beware of the latest? seafood rape.  Now pharma in disguise is touting the "new" "pure"  source of omega.  Let us all go down and gather all the krill in Antartica.

Anything for a buck.

Tue, 04/15/2014 - 21:49 | 4663732 smokintoad
smokintoad's picture

ABC News have any  word on what's going on with the chocolate ration?

Tue, 04/15/2014 - 21:55 | 4663748 TaperProof
TaperProof's picture

Forget GOLD, buy BEEF!

Wed, 04/16/2014 - 00:08 | 4664046 willwork4food
willwork4food's picture

Forget beef, buy COFFEE!

Wed, 04/16/2014 - 03:51 | 4664243 laboratorymike
laboratorymike's picture

Jack Daniels?

Tue, 04/15/2014 - 22:15 | 4663803 WhackoWarner
WhackoWarner's picture

MSM eat out.  They have caterers,  I suppose they will complain when the cost of a catered party rises by 40%

They will lash out by cutting back on tipping in their local eatery,

 

I KNOW.  Little story.  I watch the price of every single food substance coming into my home. Includes pet food.  My grocery bill.  What $100 bought in 2005 is now double, at least.

HAVE MY WAGES doubled?  Hydro is up.  Interest rates are down.  Gas is up.  My disposable income is shrinking every month.

 

I am sick of supporting the 1 %.  Because that is what we are all doing.  MSM seizes on entitlement payments to the unemlployed, homeless and disenfranchised.  BUT I am sick and tired of the more legitimate viewpoint whereby I am supporting the MSM, and 1%.  My pain results in their food vouchers (wage increases, profits).

All the poor and sinking wage earners are paying for this.  I am taking myself out of the system.

 

Wed, 04/16/2014 - 05:21 | 4664300 A Nanny Moose
A Nanny Moose's picture

Are you accusing MSM of parroting the same prepackaged horseshit? No way....

http://www.youtube.com/watch?v=XbAXfnxjCL0

WARNING: Painfully Awkward Bush dissembling at 2:17

Wed, 04/16/2014 - 06:26 | 4664339 old naughty
old naughty's picture

"...many edible food-like substances were either flat or declining a little bit in price."

Can anyone tell "Socket Puppet" that Russia is leading:

http://www.zengardner.com/official-russia-completely-bans-gmos/


Wed, 04/16/2014 - 06:27 | 4664342 old naughty
old naughty's picture

oh, btw, where is the guy with helicopter when he's needed(?)

Tue, 04/15/2014 - 21:29 | 4663677 pigs-n-space
pigs-n-space's picture

Or George Bush's fault? Just say'n

Wed, 04/16/2014 - 00:03 | 4664035 Chief Kessler
Chief Kessler's picture

Ding ding ding ding,

America, this is your wake-up call.  Beef is expensive, can you imagine? The horror!

Shrimp is a luxury food BTW.  If you drill baby drill you can bring the price of oil down and the price of beef  will come down as well, so you can slab it on your monstrous barbie.  Good luck with that though,

Sincerely,

The rest of the world

Tue, 04/15/2014 - 20:45 | 4663546 G-R-U-N-T
G-R-U-N-T's picture

Get used to it:

You can take yur global warming, tax the air we exhale, loot the masses fraud and the oceanacidification bullshit and stick it up your ass, bitch!

Tue, 04/15/2014 - 21:27 | 4663669 Flux
Flux's picture

There is a simple, easy solution to all this:

Hunt giant sea squids.

The biomass now exceeds that of humanity. And ...you can probably find them off the coast of Japan. Reports suggest young, Japanese schoolgirls are excellent bait.

 

Well, its just a thought.

 

Tue, 04/15/2014 - 22:04 | 4663766 NickVegas
NickVegas's picture

Sounds like low hanging fruit, until Gozira, or what you call Godzilla, locks on the end of the line.

Tue, 04/15/2014 - 22:45 | 4663872 Flux
Flux's picture

Well, sure, that's always a risk. However, one should always have a contingency plan:

Head fake Gozira with Mothra, then send in Destoroyah (or Mechagodzilla II ... its a toss up), and while the carnage ensues activate The Oxygen Destroyer.

 

 

Then go back to fishing.

Tue, 04/15/2014 - 23:14 | 4663950 NeedtoSecede
NeedtoSecede's picture

That's raciss!

Wed, 04/16/2014 - 00:04 | 4664037 Chief Kessler
Chief Kessler's picture

Or you can eat rice and beans.

Wed, 04/16/2014 - 01:57 | 4664150 UselessEater
UselessEater's picture

Insects for meat.

"They" want you & I to eat insects, I keep finding this shite being promoted by the Ag21 crowd from the UN to ICLEI and their various so-called green cohorts. They say gormet insect burgers etc will save the planet from cattle gas and land use and will give uselesseaters their protein requirements.

http://news.nationalgeographic.com.au/news/2013/13/130514-edible-insects...

I'm sick of the food control corruption erradicating property rights, food soverignty and family farms.

Fuck eating insects.

 

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