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Food

Why Brexit Has Made Bacon More Expensive in the UK

According to purchasing company Beacon, a weaker sterling and an increase in pork demand from China mean that the price of a pound of bacon has increased by as much as 19 percent compared to last year.

Bacon lovers have had a rough year. First, the World Health Organisation (WHO) branded the BLT as bad as a cigarette habit, then the beloved cured meat was linked with low fertility rates in men and a study by the World Cancer Research Fund suggested just two rashers a day could lead to an increased risk of developing cancer.

And now, there's even more bad news for people who like bacon.

According to purchasing company Beacon, in the first six months of 2016, the price of a pound of bacon increased by as much as 19 percent compared to the same period last year.

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And it's all Brexit's fault. Well, sort of.

READ MORE: What British Food and Drink Workers Really Think About Brexit

In the months leading up to the referendum, the sterling saw a drop in value making it weaker and therefore more appealing to those countries importing from the UK. And China, a nation that has seen a drastic reduction in pork production over the last year due to flooding and pollution, has taken full advantage.

Beacon's report showed that in the first half of this year, "exports of British pig meat have increased by 40,000 tonnes," with China now also accounting for over half of EU pork exports, which is a 60 percent increase on the same period last year.

In addition, after initially heading WHO's advice about processed meats and cutting back on the stuff, Brits are back on the bacon wagon, with recent reports showing that consumption has risen by 14.3 percent, compared to last year.

All of this adds up to increasingly pricey pork—a trend that looks set to continue.

READ MORE: Post-Brexit, No One Really Knows What to Do About Subsidies for Farmers

As the largest consumer (and previously producer) of pork, China has up until recent years been self-sufficient in the meat's production but the aforementioned environmental factors have meant that imports have vastly increased, with record highs looking likely this year.

And with a free trade agreement between China and the UK on the cards post-Brexit, the amount of British pork being sent overseas could rise, along with an increase in prices for those buying bacon in the UK.

Time to stockpile those rashers now.