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Economist Advises Meat Lovers to Stock Up Now

(justin Sullivan/Getty Images)

Creighton University Economist Ernie Goss says he expects meat prices to skyrocket in the near future due to the nationwide drought. Goss says meat producers are, in many cases, sending their cattle and pigs –and to a lesser extent, chickens–for processing now in the face of increasing feed prices and less available forage because of the drought. Goss says as a result, meat prices are relatively low right now compared to what he expects in the future. But Goss predicts that situation will reverse itself dramatically in coming months, as the relative glut of meat on the market turns into a shortage. Goss also says he thinks the U.S. Department of Agriculture’s prediction of a four percent increase in food prices in 2013 is far too low, saying he thinks those prices may well increase by twice that percentage next year.

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