Latest news with #BritishMeatProcessorsAssociation
Yahoo
27-05-2025
- Business
- Yahoo
Beef drives food inflation up for fourth month in a row
Higher beef and fresh produce prices pushed UK food inflation up for the fourth month in a row. Food price increased 2.8% in the year to May, up from 2.6% in April, according to data from the British Retail Consortium (BRC), which represents supermarkets and other retailers. Helen Dickinson, chief executive of the BRC, said shops were passing on the costs of higher minimum wages and increased employer National Insurance contributions. Nick Allen, of the British Meat Processors Association, told the BBC the price of beef had risen to "record levels" due to strong demand and lower supply. He said competition between supermarkets had previously been keeping the price of beef down, so it was only a matter of time until customers were hit by cost increases. "Its not surprise. The farm price for beef has been going up and up to the point that its now at record levels," Mr Allen said. He warned it was a "real struggle" for the industry to keep up with demand for beef, and claimed that "government schemes have not supported production but environmental schemes instead". The said red meat eaters "may have noticed their steak got a little more expensive" this month. Tomas Maunier co-founder of steak restaurant chain Fazenda, said his firm had passed on about 2% of increased running costs to customers. "Beef in particular has gone up about 20% in the last 12 months. A big chunk of that has happened in the last six but businesses cannot pass it all on to our guests," he added.
BBC News
27-05-2025
- Business
- BBC News
Steak drives food inflation to highest level in a year
Food inflation in the UK has increased for the fourth month in a row largely driven by the increasing costs of fresh produce and beef, according to data from the British Retail Consortium (BRC).The annual rate of food price rises hit 2.8% in May, after April saw a 2.6% Dickinson, chief executive of the BRC, said retailers were passing on the costs of higher minimum wages and increased employer National Insurance Allen, of the British Meat Processors Association, told the BBC the price of beef has risen to "record levels" due to stable demand and lower supply. He said competition between supermarkets had previously been keeping the price of beef down, so it was only a matter of time until customers were hit by cost increases.
Agriland
19-05-2025
- Business
- Agriland
AHDB: UK-US trade deal could be good news for British beef sector
New trade agreements agreed between the UK and the US could see increased quantities of British beef heading across the Atlantic. Agricultural and Horticultural Development Board (AHDB) analysts have identified the key opportunities and threats associated with the new UK-US Comprehensive Prosperity Deal. According to the AHDB, on the upside, the UK will be able to export up to 13,000t of beef to the US, tariff-free, following changes to an existing tariff rate quota (TRQ). The US has a TRQ for beef imports, within which there are country-specific quotas for Australia, New Zealand, Argentina, and Uruguay. British beef The UK, along with Brazil, has access to the US TRQ under the 'Other Countries' allocation, which is 65,005t. In practical terms, however, it has been challenging for the UK to make use of this TRQ for British beef for as Brazil often uses the entire allocation. In 2024, Brazil had made use of the 'Other Countries' allocation by March 28 (it opened on January 1, 2024). This year, the 'Other Countries' allocation was spent in just 17 days after opening at the start of the calendar year, the AHDB said. The proximity of Brazil to the US has also put the UK at a disadvantage in this respect, according to the board. UK beef exporters would be wary of risking sending shipments of beef across the Atlantic only to find upon arrival that the quota allocation has been used up and they would face full tariff rates for British beef to cross the US border. The new UK-US trade deal removes this risk, as the UK would have its own TRQ allocation. But this will not all be one-way traffic. Currently, the US has a 1,000t quota for exporting beef to the UK, which is subject to a 20% tariff. Under the prosperity deal, the 20% tariff will be removed and the US will have a preferential beef TRQ of 13,000t. However, US beef imports will have to meet UK food standards, so the Westminster government's red line on this aspect remains intact. While the quantity of beef imports from the US matches that of beef exports from the UK, there are concerns over the value of imported US beef. Imports of high value, premium cuts – such as strip loins – could potentially have a considerable impact on the UK domestic market. The British Meat Processors Association (BMPA) estimates that the UK produces around 3,900t of strip loins which is just under a third of the beef TRQ for the US. Northern Ireland is the best-placed region in the UK to avail of new British beef export opportunities to the US. This is due to Northern Ireland's focus on grass-based beef production systems, which differentiate from US systems. Adding to this is the fact that the deal comes as cattle prices have already reached record highs.
