UPDATE: As our friends at TIME Moneyland have helpfully pointed out, and as economists from Adam Smith on down have long maintained, just because there’s less of something doesn’t mean we won’t be able to get it anymore — it’ll just mean prices will go up. So no, the “unavoidable” global bacon shortage turns out to be pretty avoidable after all. According to TIME’s Brad Tuttle, here’s what’s really happening:
Because this year’s drought wreaked havoc on the world’s corn crops, the price of corn has risen substantially. And because corn is used, among many, many other things, as feed for pigs, it is more expensive for farmers to raise pigs. Farmers pass along those costs to stores, and perhaps even decide that they don’t want to be in the pork business anymore.
The expected damage to consumers? Price hikes of 5 to 10 percent. A blow, but —…
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