Bacon Prices Have Gone Parabolic In Canada

For bacon-lovers, this is an all-out food crisis.

According to the May consumer price index report from Canada, the price of bacon surged by 9.3% month-over-month, or 20.5% year-over-year.

This nugget was unearthed by Bloomberg News’ Ilan Kolet. Check out his chart below.

Bacon prices have been surging because of supply issues. Earlier this month, the breakout of a pig virus forced the killing of millions of baby pigs.

Earlier this week, Federal Reserve Chair Janet Yellen said that recent data signalling accelerating inflation was “noisy,” which suggested she wasn’t too worried about it.

Of course, the issue of surging bacon prices has more to do with supply issues rather than monetary policy.

Nevertheless, if bacon prices keep going up, expect the cries from bacon fans to get louder.

NOW WATCH: Money & Markets videos

Want to read a more in-depth view on the trends influencing Australian business and the global economy? BI / Research is designed to help executives and industry leaders understand the major challenges and opportunities for industry, technology, strategy and the economy in the future. Sign up for free at research.businessinsider.com.au.