Meat prices could surge 10-20% this year in perfect storm - diet drugs included

Fresh red meat in butcher shop (Alamy/PA) PA Media

Meat prices could surge by 10 to 20% this year, driven by an unexpected factor: rising demand from consumers taking popular weight-loss medications. Food price expert Oisin Hanrahan warns that users of GLP-1 drugs are seeking nutrient-dense protein, adding pressure to already strained markets.

The prediction comes as fresh meat inflation already sits at 14.5% for the four-week period ending December 2, according to analysts at Worldpanel. Hanrahan, chief executive and founder of supply chain platform Keychain, said the hoped-for range would be 2 to 5% – far below the potential reality.

«All input prices for meat production have gone up,» Hanrahan explained. «But increasing demand is also increasing price, and all those on GLP-1 medications know they need nutrient-dense, high-quality protein – and that is your beef, lamb, chicken and pork.»

Perfect storm of factors

The GLP-1 effect adds to what Hanrahan describes as «eye-watering» rises already hitting chocolate, coffee, beef, butter and fruit. Overall food inflation remains «stubbornly and unacceptably high».

«It's the result of a perfect storm of factors: crop diseases, bad weather, over-reliance on individual countries, tariffs, new packaging rules and other trade complexities,» he said.

New normal question

Hanrahan raises a troubling prospect: whether high food prices have become permanent. «The longer these prices remain high, the more experts and economists are beginning to ask a concerning question – is this the new normal?» he said.

His answer offers little comfort. «We can't be lethargic, waiting for food prices to come down on their own. The factors causing them to remain high are here to stay.»

The Keychain founder, whose platform is backed by Tesco, advises shoppers to stay flexible – buying meat and other products on offer rather than sticking to rigid shopping lists.

Note: This article was created with Artificial Intelligence (AI).